Instagram is now valued at an incredible $35 billion – that’s just over £22 billion in Blighty tender.
The estimate comes courtesy of Citigroup, revealed in a note released earlier this morning.
What’s surprising about the new figure is that it’s significantly higher than the previous Citigroup valuation that put Instagram’s worth at a far more paltry $19 billion.
Citigroup says the value re-think is in response to recent news that Instagram had finally overtaken social rival Twitter in terms of total monthly active users for the first time ever.
Just last week we heard that Instagram now boasts upwards of 300 million active users, while Twitter users tally up at around 284 million.
“On the heels of Instagram’s announcement last week that it had reached more than 300mn users,
“Using what we believe to be conservative assumptions around user growth and monetisation, we believe Instagram is worth $35bn.”
This also prompted Citigroup to increase the price target for Facebook (which acquired Instagram back in 2012) from $86 to $91.
Zuckerberg will likely be chuffed with the news, as his firm paid just $1 billion for Instagram two years ago.