Facebook’s Mark Zuckerberg reportedly negotiated his company’s recent purchase of photo-sharing service Instagram on his own over the course of three days, talking Instagram CEO Kevin Systrom down from an asking price of $2 billion in the process.
According to a Wall Street Journal report the negotiations for the purchase took place at Zuckerberg’s home in Palo Alto, with the Facebook only being made aware of the deal a few hours before it was signed.
Zuckerberg reportedly left lawyers out of the negotiations purposely because he was worried that they might sour the deal. Both Zuckerberg and Systrom were able to broker the deal as rapidly as they did because of their stakes in their respective companies. Systrom owns (or owned) 45% of Instagram while Zuckerberg controls 57 percent of Facebook’s voting rights according to DigitalTrends.