The United States watched with unbridled curiosity as the three winners of the recent $600+ million Mega Millions jackpot were revealed. But here’s a pair of guys who won the Mega Millions of the business world – Kevin Systrom and Mike Krieger. By now, the world knows about their creation, Instagram, and its billion-dollar acquisition from Facebook. The two will walk away with a combined $500 million.
Systrom owned a 40% stake in the company, meaning his share along will be a cool $400 million. Krieger held a comparatively bite-sized 10%, but surely he’s not complaining about being $100 million richer. The only one with a higher stake than Krieger was venture capital firm Benchmark Capital, which is smiling wide today. It pockets $180 million from the acquisition. Fellow firms Andressen Horowitz and Baseline Ventures each held a little under 10%.
Among the piddly other millions of dollars that are still up for grabs, the company’s 13 full-time employees will each be taking home some nice pocket change. Those with seniority will get the biggest share. There’s no shortage of analysis on why the deal happened, why it’s so much, what it means for the future of social media, and what it means for the future of American business.