• Reuters, Monday, December 17, 2012 12:04 PM

Less than a month before he took a $1 billion buyout from Facebook, reports are circulating that Instagram CEO Kevin Systrom verbally agreed to sell his photo-sharing startup to Twitter for $525 million. “During negotiations with Instagram, Twitter executives had handed Systrom a term sheet outlining the details of the proposed deal,” Reuters writes, citing a report in The New York Times. However, Systrom later told state regulators under oath that his company had not received any "formal offers or term sheets" from potential buyers other than Facebook.

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