Facebook Announces $1 Billion Purchase of Photo App Instagram
Facebook has been expanding its social media empire, never one to stay stagnant. Last year, it announced the musical integration of streaming services such as Spotify, Rdio, and others. Today, Facebook announced the complete purchase of Instagram (which are those stylish photos that everyone uploads and suddenly thinks they are artistic). Mark Zuckerberg, Facebook CEO, announced that Instagram was purchased for $1 billion, in both cash and Facebook shares. Amazing how the sentence “Facebook purchases Instagram for $1 billion” would’ve been both nonsensical and mind blowing just a short few years ago.
Instagram was launched for Android last week, already being heavily used in Apple’s iOS devices. No other details have been made, except that Facebook isn’t going away any time soon. And that Mark Zuckerberg is allergic to peanuts. Who knew?