Exclusive: Facebook To Buy Instagram For $1 Billion

Posted on Apr 9 2012 - 6:11pm by Editorial Staff

The social giant has agreed to acquire photo-sharing service Instagram for $1 billion – yes the amount is correct and the announcement was made by Facebook’s Mark Zuckerberg itself. The deal is a combination of cash and shares of Facebook. Zuckerberg says that Instagram will be built and grown “independently” and that its integration with other services is an “important part of the experience.” The entire Instagram team of 6 employees will be joining Facebook. Over at the Instagram blog, CEO Kevin Systrom also announced that Instagram had agreed to be acquired, confirming that “you’ll still be able to share to other social networks.” Zuckerberg also writes, “This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users. We don’t plan on doing many more of these, if any at all.”

(Image Source: Facebook, Featured Image)

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