Facebook acquired mobile photo sharing application Instagram and its team for about $1 billion in cash and Facebook stock, according to a press release.
The transaction, which is subject to customary closing conditions, is expected to close later this quarter. Instagram was last valued at $500 million when it raised $40 million in March.
The app will continue under the Instagram name and continue to support posting services beyond Facebook. Users can continue to have followers and follow people without connecting with them directly on Facebook
“Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people,” Zuckerberg said in a Facebook post.