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The deal, which was made just prior to Facebook's scheduled IPO, cost about a quarter of Facebook's cash-on-hand, according to figures documented at the end of 2011. The deal was for a company characterized as having "lots of buzz but no business model", and the price was contrasted with the $35 million Yahoo! paid for Flickr in 2005. Mark Zuckerberg noted that Facebook was "committed to building and growing Instagram independently", in contrast to its past practices. According to Wired, the deal netted Systrom $400 million based on his ownership stake in the business. The exact purchase price was $300 million in cash and 23 million shares of stock.