Join the Acquired Limited Partner program! https://kimberlite.fm/acquired/ (works best on mobile)   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.    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   Sponsor: Thanks to Perkins Coie, Counsel to Great Companies, for sponsoring Acquired Season 4. You can get in touch with Brian Eiting, who you heard at the beginning of this podcast, at https://www.perkinscoie.com/en/professionals/brian-j-eiting.html