If you're wondering what was going through the minds of Facebook's board members when they decided to fork over $1 billion for Instagram, the answer is a big fat nothing. That's because the board of directors didn't play a role in OKing Facebook's biggest acquisition ever, reports the Wall Street Journal, which spoke to several sources who reveal that Mark Zuckerburg and Instagram honcho Kevin Systrom essentially hashed the deal out themselves over three days in meetings at Zuckerberg's home. By last Sunday morning, Zuck had talked Systrom down from $2 billion to $1 billion; that was the morning he also clued the board in on his plan.
The Journal notes that the fact that Zuckerberg controls 57% of his company's voting rights gives him the power to go solo on deals like this, though the paper also notes that companies considering a deal this big usually call in lawyers and bankers to review the buy with a fine-tooth comb—especially when an IPO is on the horizon. Amin Zoufonoun, Facebook's director of corporate development, apparently did help firm up the details on Saturday and Sunday, but the Journal calls the acquisition "a reminder that Facebook is still in some respects a one-man show." The board ultimately voted on the deal, but insiders say the act was a symbolic one.