Andy Baio:

The spreadsheet below captures the acquisition date, dollar amounts, and ballpark counts of the users and employees at the time of acquisition. Be warned: any of these numbers are very rough, cobbled together from Internet Archive searches, old news articles, Quora answers, and tech blogs. If you have more accurate information, please leave a comment and I'll fix it.

Upshot: Instagram is a long way from being the most expensive purchase on a per-user basis from the past 13 years. To repeat: Instagram isn't the purchase that marks the top of the bubble. It's part of the bubble.

And Boy Genius Report goes back to the drawing board.

"The acquisition is one of the most expensive for Apple since it acquired NeXT in 1996—15 years ago to the day, in fact—and should cement the company's strategic shift to solid-state flash storage for its products."

"Google Inc. agreed to pay Motorola Mobility Holdings Inc. $2.5 billion if it fails to close the purchase of the mobile-phone maker, said a person with knowledge of the situation, a fee more than six times the typical amount."

"If you’re not familiar with Bagcheck, it’s a fun way to create and share lists of the things you are passionate about using on your computer, in your kitchen, for photography, when parenting, and everything in between."

The most plausible theory is, as ever, that it's more about the talent behind the product than the product itself.

Questions is: what took it so long?

Arrington says Color should have taken the deal.