PAYDAY

Instagram CEO Banks $400M

In Facebook’s $1 billion acquisition of company.

Is Instagram CEO Kevin Systrom the new Mark Zuckerberg? Systrom, who owns 40 percent of the popular photo-sharing service and wrote in a company blog post that he’s “psyched” about the deal, which banks him $400 million in Facebook’s $1 billion acquisition of his company. The deal is huge for Instagram, a small, young company with only 13 full-time employees that Systrom and his friend Mike Krieger cofounded just two years ago. Since then it has amassed over 30 million iPhone users alone and millions more since becoming available to Android users last week. In a statement Monday, Facebook CEO Mark Zuckerberg said the acquisition was “an important milestone for Facebook.”