Facebook Buys Instagram for $1 Billion in Cash and Shares

Posted by at 10:31 am on April 9, 2012

Facebook has acquired Instagram, the popular photo-sharing application, for about $1 billion in cash and stock, the company said Monday. In a Facebook post on a profile page, the company’s chief, Mark Zuckerberg said he planned to build Instragram independently from the social network. The move will allow users to post on other social networks, follow users not on Facebook, and to opt out of sharing on Facebook.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Mr. Zuckerberg wrote. “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.”

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