Politics 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. Subscribe More Related articles Unravelling the mystery of graphene, the “wonder material” invisible to the naked eye “They pay me in Bitcoin”: What it’s like to work as an escort in the digital age Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?