Apr 09 AT 12:11 PM Anthony Domanico 66 Comments

Facebook buys Instagram for $1 Billion

instagram

Mark Zuckerberg has just announced via Facebook that the world’s biggest social network has agreed to acquire the photo-sharing service Instagram, which has over 30 million users of its own. The deal is reported to be for a staggering $1 Billion, leaving the founders at Instagram dancing in the streets (we assume).

The service will remain as it currently exists for now, though we expect to see tighter Facebook integration soon. For his part, Zuck says that they will largely leave Instagram in tact for the time being, and will look at bringing Instagram technology to other Facebook services.

Update: Instagram has posted on their blog about the acquisition. The founders report that the same Instagram you know and love will remain in tact post-acquisition.

Update 2:¬†Mark Zuckerberg’s post can be found here.

Via: Business Insider

Anthony loves all things technology, from hardware to apps and games. You can connect with him via Google+ or Twitter by clicking one of the fancy doo-dads above.

    Most Tweeted This Week