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Comment by fredsters_s | Hacker News Reader

Totally agree. I'm surprised that Twitter didn't. I wonder what the story behind that is

Twitter actually were willing to offer more than Facebook, but something made Kevin go with Facebook's offer in the end.

I think it was Systrom who made carved out that path for Instagram, and not any reluctance on Twitter's part.

Do you have anything to back this up? Articles etc? I heard lack of liquidity was the issue

I didn't post the link at first, because I couldn't find it in my bookmarks, but I got lucky with my Google search:

    The people familiar with the negotiations said Twitter
    executives were shocked that they had not been given an 
    opportunity[1] to present a counteroffer. They said 
    Twitter was prepared to make higher offers [than $525M].

~ http://www.nytimes.com/2012/04/14/technology/instagram-found...

Facebook's $1 billion offer being valid must have been contingent on not seeking a counter-offer.

Maybe it's the billion dollars asking price that got in the way.

It seemed there was resentment from Dorsey after the news was announced. I can't remember exactly what the signal was, but something like deleting his Instagram account.

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