Behind Facebook's Transformation of Instagram
Business journalist and author of "No Filter: The Inside Story of Instagram" Sarah Frier shares the story behind Facebook's purchase of the photo sharing social media app Instagram and how the cultures of the two companies clashed. Frier, a Bloomberg News reporter, explains what was the initial appeal of Instagram to users and the Facebook's Mark Zuckerberg - who purchased the platform for $1 billion in 2012. Talking to CBS News correspondent Errol Barnett, Frier details how the relationship between Instagram's founders, Kevin Systrom and Michel Krieger, and Zuckerberg soured after the social media platforms accelerated growth with stories. Plus, as the FTC reexamines the idea of what defines a monopoly, Frier explains what this could mean for Facebook's purchase of Instagram.
NOTE: This conversation was recorded before the Assault on Capitol Hill took place on January 6th, 2021.