Zuckerberg made Instagram deal without board.

Wow. Facebook CEO Mark Zuckerberg reportedly just informed the Facebook board of directors that he was going to buy Instagram for a billion dollars on the morning of the announcement.

It looks like Zuck was played. When Zuck expressed interest in buying the company, Instagram chief Kevin Systrom blurted out what was no doubt a ridiculous and somewhat arbitrary figure. "$2 billion!"

The two negotiated over a few days, and Zuck talked him down to $1 billion.

This is not good news for a company about to go public, because investors fear loose-canon CEOs who throw money away without taking advice from anyone, not even their own boards of directors.

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