We enter the wayback machine and revisit the subject of Acquired’s second ever episode, Facebook’s bombshell 2012 acquisition of Instagram — this time with the help of then-Facebook executive Emily White, who moved over post-acquisition to become Instagram’s first business head. Together with Kevin and Mike, Emily helped build Instagram's business model, which today accounts for nearly 1/4 of all of Facebook’s revenue. Is this still Acquired’s canonical A+ with an extra 3.5 years of hindsight? Spoiler alert: yes.

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Carve Outs:

• Ben: Sam Harris on the Joe Rogan Experience: https://www.youtube.com/watch?v=RJ5_hAEsLkU
• David: Boom Town by Sam Anderson:  https://www.amazon.com/Boom-Town-Fantastical-Basketball-World-class-ebook/dp/B077RHYC4G