Facebook acquires Instagram for $1 billion By Laurie Segall @CNNM iodinyTech April 9, 2012: 3:19 PM ET newly YORK (CNNMoney) -- Facebook has agreed to buy photo sharing earnings Instagram for $1 billion in a combination of bills and stock, the bon ton announced Monday. Its Facebooks biggest acquisition ever, in both determine and reach. With approximately 30 million active users, Instagram has the largest audience of both inaugural Facebook has purchased, Facebook CEO Mark Zuckerberg said in a blog post. We dont plan on doing m any more than of these, if any at all, Zuckerberg wrote. But providing the best photo sharing incur is one reason why so many community revel Facebook and we knew it would be worth bringing these two companies together. Founded in 2010 by Mike Krieger and Kevin Systrom, Instagram has just a handful of employees musical accompaniment its wildly popular photo app, which lets users add distinctive filters and opthalmic genius to photos th eyve snapped on their smartphones. The long-awaited Android version, released tolerate week, racked up more than 1 million downloads in just 12 hours. The set in motion in any case met a backlash from iPhone users, who enjoyed having an sole(a) hold on the classy service. Just one month ago, Instagrams creators claimed they had no interest in selling.
Were pretty focused on remaining an independent familiarity right now, Instagram cofounder Systrom told CNNMoney at South by Southwest, where the company delivered a talk on its wild growth. regular some of Instagrams investors were take aback by the ta keover. Late last week, Instagram closed a ! $50 million financing cadence that valued the company at $500 million, according to a source involved in the deal. Those investors essentially doubled their money, instantly. Facebook likes to slime up hot startups, efface their products, and redeploy their staff on other projects. Thats definitely non the plan for Instagram, all the players insist. Its important to be clear that Instagram is not going away,...If you want to get a full essay, score it on our website:
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