Facebook Acquires Instagram for $1 Billion
Facebook has acquired the photo-sharing site Instagram for a reported $1 billion in cash and stock. “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,” wrote founder and CEO Mark Zuckerberg in a statement on his Facebook page.
Instagram recently gained more than a million downloads in one day when it released an Android version of its photo effects and sharing app.
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