In addition there aren't many lessons to be gleaned from the story. It might be entertaining to read but in the end it's as if you just wasted 20 minutes playing Solitaire.
I would say if there is a lesson at all - that it's helpful to be on friendly terms with several of the Silicon Valley elite before you start your company. Not taking away from Instagram being a great app, but it was catapulted towards success due to the founders personal connections.