From some Google searching, it seems like Instagram got $300 million cash and 23 million shares (http://blogs.wsj.com/digits/2012/04/23/facebook-bought-insta...) and assumed the shares were valued at $30/each. So if they aren't able to sell the shares yet, then as of right now Instagram actually lost $100 million on the deal due to the declining stock price. (Although if they were able to sell right away, then they would have made more money.)
I'm not understanding what you mean by "~250 share price".
Facebook valued at $250 per share immediately after IPO would value them 800x earnings and $500B market cap (close to AAPL, 2x Wal-Mart,50% more than Exxon-Mobil).
In other words, total delusion on the part of anyone who thought that FB would pop 7x on the IPO.
I'm not understanding what you mean by "~250 share price".