Photo sharing website Instagram has been valued at $35 billion by Citigroup, surpassing Twitter. This beats Twitter’s market cap of $23 billion by a wide margin, wired.com reported
In April 2012, Instagram was acquired by Facebook for $1 billion and had about 30 million users. The app was downloaded over a million times on the day the android version hit the market and has continued to grow.
In the last nine months, Instagram’s user base grew 50 percent, while Twitter could only boost its active user base by 4.8 percent in the last quarter. Also, Instagram wants real people and accounts. Two days ago, it cleaned up spam and deleted millions of fake accounts.