“By that math, Instagram is worth $150B” — Chipotle’s Taco Bell-ification. Instagram owns Facebook. Spotify’s acquires the Ringer

Summary: Turns out Spotify just made (another) acquisition in the podcast space because it’s trying to build a “gated garden.” Instagram’s numbers leaked and we finally learned how it stacks up to YouTube. And Chipotle’s sales surged 13% because its new CEO is cooking up a Taco Bell-ificiation strategy.