It seems that Abel was part of Patch and Tim Armstrong is CEO of AOL. This second call was from some time last year and not related to the OPs link other than it's the same set of companies, and another dubious action made on a conference call.
I guess it must be the latter, or the clip wouldn't be so interesting.
If I was a CEO trying to get the house in order and at that very second Instagram is more important to you... you're gonna have a bad time.
It's wrong to unnecessarily fire someone in front of their colleagues. It destroys morale and it's essentially a form of public humiliation. A better response would have been to ask to put the camera away and remind people it's a serious meeting.