Citigroup raised the valuation of Instagram this morning from $19 billion to $35 billion.
The photo-sharing network recently announced it had surpassed 300 million active users, and has taken steps toward cleaning up spam accounts, as well as adding new filters and features in an update this week.
Instagram was acquired by Facebook back in April of 2012 for $1 billion. The acquisition came at a time when Instagram only had around 27 million users on iOS. However, the company saw over a million downloads in the first day of launching on Android, and Facebook put the pedal to the metal and closed the deal.
Since, Instagram has grown to have more active users than Twitter.