Photo-sharing app bought for $1 billion
Instagram has been acquired by Facebook for approximately $1 billion in cash and stock. The deal is expected to close later this quarter.
For now, Instagram will remain an independently branded standalone app separate from Facebook. Chief Executive Mark Zuckerberg said in a statement, “We will try to learn from Instagram’s experience to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.”
Instagram was founded in the fall of 2010 and has since amassed more than 30 million users. The app provides a fun way to share photos with friends. Users can take a photo with their phone and choose a filter to alter the look of the shot before posting it. Users can also comment on photos and “like” them.
Instagram was initially available only for iPhone users, but the app is now available for Android as of last week.
Many Instagram users are apprehensive about the news, expressing concerns about ads and privacy. “It’s important to be clear that Instagram is not going away,” Instagram said on its website. “We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.”