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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.
(Click here to see what the tech giant's stock is doing now).
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.