it was fair to base Instagram’s price off Facebook’s, he was concerned over the acquisition price tag. If he valued Instagram so highly, with its tiny team and no revenue, he would start a bubble in Silicon Valley, raising the price of every related company he might want to buy in the future. (He was partially right. In 2013, venture capitalist Aileen Lee came up with a name for startups with billion-dollar values: “unicorns.” At the time, there were 37. When she wrote an update on the rare breeds in 2015, there were 84. By 2019, there were hundreds. But if it’s a bubble, it hasn’t burst.)
