Zuckerberg did $1 billion Instagram deal on his own

Facebook shocked the tech community with its $1

billion acquisition of Instagram, but perhaps more shocking is what the photo-sharing app's CEO originally wanted for his company: $2 billion.

During three days of quiet negotiations, Facebook CEO Mark Zuckerberg halved Kevin Systrom's asking price -- all without involving bankers or his own board of directors, according to a report in The Wall Street Journal (subscription required). In fact, Zuckerberg, who controls roughly 57 percent of the company's voting rights, had pretty much closed the deal with Instagram CEO Kevin Systrom before even informing the board of the acquisition.

The board "was told, not consulted" about the deal on April 8, the day before the rest of the world learned of the deal, one person familiar with the matter told the Journal.

Zuckerberg began the negotiations on April 5 by calling Systrom and inviting him to drive down from San Francisco to meet with him at his Palo Alto home, the Journal reported. Zuckerberg reportedly informed Facebook COO Sheryl Sandberg of the decision, but she did not participate in the negations.