Instagram worth $35 bn, surpasses Twitter

Instagram is demonstrated on an iPhone Monday, April 9, 2012, in New York. Since Verizon Wireless broke AT&T's exclusive grip on the iPhone last year, several other phone carriers now offer Apple's popular smartphone. On Monday, T-Mobile said it will make a stronger bid for used iPhones from AT&T as Apple prepares to launch a new version. (AP Photo/Karly Domb Sadof)

Photo sharing website >Instagram has been valued at $35 billion by Citigroup, surpassing >Twitter .

This beats Twitter’s market cap of $23 billion by a wide margin, >wired.com reported

In April 2012, Instagram was acquired by Facebook for $1 billion and had about 30 million users.

The app was downloaded over a million times on the day the android version hit the market and has continued to grow.

In the last nine months, Instagram’s user base grew 50 per cent, while Twitter could only boost its active user base by 4.8 per cent in the last quarter.

Also, Instagram wants real people and accounts. Two days ago, it cleaned up spam and deleted millions of fake accounts.