Instagram Acquired By Facebook For $1 Billion

Facebook announced Monday that it is buying photo-sharing service Instagram, a two year-old San Francisco-based company that has attracted more than 30 million users, for $1 billion in a cash and stock deal.

In an update posted on his Facebook profile, Facebook co-founder and CEO Mark Zuckerberg explained that the “talented team” at Instagram will be joining Facebookto help the social network add new features to its photo-sharing offerings.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” the Facebook CEO explained. “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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