Posted on April 23, 2012 by CNET in Social Media Andreessen Horowitz stands to make about $78 million off an initial investment of $250,000 in Instagram, a partner in the investment firm revealed today in a blog responding to criticism that the investment firm “fumbled” its involvement in the photo-sharing app.
The New York Times ignited controversy earlier this week when it published a story that profiled how the VC firm “fumbled” its investment in Instagram, which was just purchased by Facebook for $1 billion, by investing in rival photo-sharing app PicPlz. The investment in PicPlz “was a calculated bet against Instagram and it left [Instagram CEO Kevin] Systrom livid,” the Times reported.
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