Facebook Buys Instagram for $1 Billion

Facebook announced that it has reached an agreement to acquire Instagram for about $1 billion in a combination of cash and shares. Instagram is a popular photo-sharing app for mobile devices.

Zuckerberg said “we need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook.That’s why we’re committed to building and growing Instagram independently”


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