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> Who is the due diligence owed to?

Um...themselves?? You don't spend a billion without doing due diligence for yourself.

Exactly. The fact that the shareholders are private rather than public makes no difference -- it's still a billion dollars.

Unless Zuckerberg used his credit card. With that kind of expense he must be trying to get to the ISS on mileage. ;-)

Now, more seriously, Instagram's size makes due diligence a lot easier.