The Ledger
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Lütke: Digitally Native Retailers Replaced Over 90% of Lost Sales
“The businesses that were More digitally native. Business that had retail, but also were online and on the different channels like Instagram or Pinterest. They have replaced over 90% of their lost sales.”
Kevin Systrom and Jack Dorsey paired to build Odeo's desktop podcatcher
“We also had Kevin Systrom, founder of Instagram. Was working for us as an intern. So, Kevin and Jack paired to write our, I think our installable podcatcher, as we called them.”
Systrom: Instagram's first filter and photo were created in Mexico
“I literally just, like, researched how to make the first filter, which ended up being called X-Pro II, and if you scroll all the way back on my account to the very first photo, there's Nicole's foot and a little stray dog in Mexico, and that's because that day…”
Krieger: Instagram was Facebook's first acquisition allowed to operate independently
“We were the first company that Facebook acquired and sort of kept running, and then since then you've seen Oculus and WhatsApp, and, ah, I think there were a lot of things that we figured out early on in terms of the relationship, the office space, hiring and …”
ChatGPT Reached 100 Million Users in Two Months Compared to Instagram
“It took Instagram, I think two years to get to a hundred million users and it took chat GPT two months.”
Instagram grew from 13 employees at acquisition to over 1,000
“When you're inside of a large company that has grown from, you know, 13 people at the acquisition to, you know, we were probably over a thousand towards the end, you get wired in a certain way to think a certain way and talk a certain way and that unwiring tak…”
Instagram launched without a block feature but built one within days
“Like, we didn't launch with a block feature, because we didn't need it at the beginning, or didn't think we needed it, and they're like, I don't want this guy on my Instagram, and we're like, oh yeah, that makes sense, and I think we had that out in like two o…”
Instagram grew from 40M users at acquisition to over 1B
“You know, we sold it and it was how many million users? Maybe 30 or forty million users. And we got it to over a billion.”
Systrom: Andreessen Horowitz invested $250,000 in Instagram's seed round
“And that initial check went from 50,000 to 250,000 dollars. And then there was another investor, Andreessen Horwitz, who came in and put 250,000 dollars in.”
Krieger: Instagram was the first company Facebook acquired and kept running
“We were the first company that Facebook acquired and sort of kept running, and then since then you've seen Oculus and WhatsApp”
Systrom: Instagram reached 25,000 signups in its first 24 hours
“The first 24 hours, we had 20 5000 people sign up around the world, which sounded big to us at the time.”
Systrom: Instagram raised a $500K seed on just a prototype
“And that initial check went from 50,000 to 250,000 dollars. And then there was another investor, Andreessen Horwitz, who came in and put 250,000 dollars in. So here are two guys with, like, basically a prototype and a couple of computers, no office who raised …”