Shawn Blanc points out today:

Last week: April 6, 2012, Instagram raised another $50 million on the same valuation of $500 million.

Today: Sold for $1 billion.

So why even raise the $50 million and dilute everyone’s equity if they were already talking to Facebook? Does that mean the entire acquisition started and ended from April 6 to 9? That’s three days! Over a holiday nonetheless.