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  • Facebook Buys Instagram for $1 Billion


    It's been said that having Instagram on the iPhone is so common these days that the app should probably just be installed by Apple on all iPhones and make it native to the device. That's how popular the photo sharing platform has become.

    To that end, Facebook isn't letting a golden opportunity go to waste. On Monday, the social networking behemoth confirmed that its buying Instagram for $1 billion in cash and stock. The deal is expected to close sometime before the end of the second quarter.

    To date, it's Facebook's biggest acquisition and one that comes just weeks before Facebook goes public next month on NASDAQ in one of the biggest IPOs in recent Wall Street history.

    "We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience," Facebook CEO Mark Zuckerberg said this afternoon. "We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook."

    Just last week, much to the dismay of many iPhone loyalists, the Android version of Instagram was released. It saw more than 1 million downloads in the first 12 hours of availability.

    Source: CNN
    This article was originally published in forum thread: Facebook Buys Instagram for $1 Billion started by Michael Essany View original post
    Comments 25 Comments
    1. duromega's Avatar
      duromega -
      F$#@ fb
    1. TheDirtyDiddler's Avatar
      TheDirtyDiddler -
      Yeah. I'm not sure that this really matters.
    1. confucious's Avatar
      confucious -
      I installed Instagram, tried it for a while and deleted it.
      What am I missing?
    1. syke1987's Avatar
      syke1987 -
      Quote Originally Posted by alcapwn27 View Post
      former instragram owners won!
      Definitely...WINNERS

      What an achievement...
    1. vempire's Avatar
      vempire -
      That makes more people get that app!