2011, Sequoia: You guys are growing like crazy. $6 on $20. We want to invest. Deal.
2011, the CEO to Board (just Sequoia apparently): “We have an offer from Facebook to acquire us”
Board: If you need money we are here. If you personally want money we are here. There is nothing you can get from FB that you don’t already have. Go get your own revenue.
CEO, 2012: The offer is $1b.
News: FB buys Instagram
CEO: The revenue plan is working. People are paying $1/yr.
Board: Just grow
CEO: They offered us $4bn
News: Snapchat turned down $3bn from FB
CEO, 2013: Users are growing 50% this year. Now bigger than Twitter
CEO, 2013/12: Offered us $10bn
$19bn reflecting stock run up plus board seat
Sequoia: Don’t sell. But holy shit that’s a big offer.
Oh fuck it just sell. I’ll go work on a blog post…
I made a that up. I am curious if I am completely wrong though.