Business 30 August 2012 Business quote of the day Silicon valley business models edition. Print HTML An officer of the Department of Corporations asked [Instagram CEO Kevin] Systrom how Instagram made money. "That's a great question," said Systrom. "We do not." Instagram answers questions as California decides whether to approve its $1bn takeover by Facebook. › In this week's New Statesman: Putin's reign of terror Instagram's homepage. Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter. From only £1 a week Subscribe More Related articles Why the philosophy of people-rating app Peeple is fundamentally flawed How to criticise the left How harmful is it to drink from a plastic water bottle?