By Dan Primack
June 21, 2013

FORTUNE — Facebook today rolled out its Instagram video product, 14 months after first acquiring the mobile photo-sharing app.

Investors reacted kind of like you’d expect them to act when you hype a “mystery” product launch that: (a) Leaks early, and (b) Is basically a knock-off of what Twitter was already doing with Vine.

Facebook (FB) shares finished the day down 1.64%, to close at $23.91 per share.

That means Facebook lost $968 million in market cap today. Obviously we can’t attribute all of that to the Instagram video launch — the broader markets took a tumble too — and Facebook obviously believes there is long-term value here.

But if you play out the simple top-line, Facebook lost around 26% more value today than it spent on Instagram in the first place.

Or, put another way, Facebook spent money to lose money. At least for now…

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