Facebook's CEO Mark Zuckerberg is proving skeptics wrong with regards to his Instagram acquisition, CNBC's Jim Cramer said.
"This is a man people continue to underestimate," Cramer said on CNBC's "Squawk on the Street" on Friday. "Facebook purchased [Instagram] for [about] $1 billion [with] 11 employees, [and was] regarded as one of the greatest follies of Zuckerberg. People were saying, 'What was he thinking,' and it turned out to be amazing."
Cowen valued the Facebook-owned Instagram at $33 billion on Thursday. The financial firm's valuation is in line with Citigroup's valuation from last December, which was $35 billion. Facebook's stock traded up about one percent Friday morning.
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Cramer added he believes Zuckerberg will continue to prove naysayers wrong. "I think WhatsApp, which everyone has had a really good laugh at, is probably going to be something that brings in a couple more billion people to Facebook."
Disclosure: When this story was published, Cramer's trust owned Facebook stock.