Instagram bought by Facebook for 1 billion dollars
"I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook," Facebook founder Mark Zuckerberg writes of the acquisition. "For years, we've focused on building the best experience for sharing photos with your friends and family. 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."
But just because Instagram will now be owned by the 'book doesn't mean you won't be able to use it as a separate entity.
"We need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook," Zuckerberg writes. "That's why we're committed to building and growing Instagram independently. 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."
To put it bluntly, he's not gonna Facebook it up by introducing crazy redesigns and not letting you Tweet. "We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook."
According to Forbes, the deal is going down for a cool $1 billion in cash and stock. Facebook's scheduled to come forward with an IPO as soon as next month, which could value the company at as much as $100 billion -- way more than Sean Parker's Aaron Sorkin-penned line projected in "The Social Network."