You presented no evidence. You just mentioned that you have a business relationship with someone who put money in, without saying anything else. That, in and of itself, is evidence of nothing.

Also, I never alleged that Instagram specifically was built to flip (although I can see little to suggest that it wasn't, although that is not the same thing), I merely pointed out that phenomena such as Instagram encourages a lot of people to enter the market with that as their motive, often enough to drown out other businesses. And that kind of behaviour was a major factor in the death of the last web boom.