I feel like a voyeur reading texts between tech leaders, and this exchange doesn’t disappoint. In 2012 texts, we see Instagram cofounder Kevin Systrom and investor Matt Cohler navigating Mark Zuckerberg’s initial gesture to acquire the company, which happened just two months later.

At some point during these 30 back-and-forth texts, they could have picked up the phone, which would have avoided the messages becoming public as part of The House Judiciary Committee’s anti-trust investigation. Such an important conversation seems worthy of a call if not an in-person meeting. But I guess I’m old school: in addition to my propensity to worry about what might go public, I don’t like spending half my day texting.

I’m always surprised at the casual nature of texts among executives. To start, Cohler quotes Zuckerberg: "i'm not sure if this is a good idea yet, but i think maybe facebook should buy instagram, what do you think?" Then, in Systrom’s concern about the company he founded, we see Zuckerberg’s power:

Kevin Systrom
got it
you know him better than I do
a) will he go into destroy mode if I say no
b) will he understand if we choose to raise instead
c) will he understand that I don't want to shutter the product and that doesn't align with what FB does with companies

Matt Cohler
a) probably (and probably also if we just don't engage at all)
b) no, he'll go harder into destroy mode then
c) what i think he would most likely want to see is for instagram to turn into a stand-alone mobile facebook photos app, like beluga turned into facebook messenger
(re c he hasn't indicated anything to me at all there, i'm just speculating)

Later, we see these two planning to lie (I’ll be blunt here) about other potential suitors, as Systrom has a meeting scheduled with Jack Dorsey of Twitter.

The exchange is fascinating—a window into how M&A and other strategic decisions are made, or, how they just seem to happen despite what executives want for their company. Early in the exchange, Systrom writes, “I'm not interested really - even at the right price I don't think so,” but we know he sold anyway.