The social network has acquired Instagram, the popular photo-sharing application, for about $1 billion in cash and stock, the company said Monday.
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.
$1 BILLION!! Holy smokes!
[...] the news today that Facebook is buying Instagram for $1 Billion dollars, many users concerned with what Facebook will do, or people who just [...]