Instagram Sold for 1 Billion Dollars by Facebook
Facebook bought the popular photo-sharing app Instagram Monday, for $1 billion in a combination of cash and stock. .
Mark Zuckerberg, founder and CEO of Facebook, posted about the transaction on his Timeline:
I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.
For years, we’ve focused on building the best experience for sharing photos with your friends and family. Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.
We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. 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.
Facebook plans on keeping features within the app that allow photos to be published on other social networks, and the ability to have followers and follow people who are not necessarily your Facebook friends.