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Facebook Buys Instagram for $1 Billion

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By HVnews on April 9, 2012


UPDATE: Watch Gay Vaynerchuk predict this would happen

Some breaking news on this fine, sepia-filtered Monday: Facebook has announced it will buy Instagram, the popular photo-sharing app, for $1 billion in cash and stock.

But will the marriage make sense? Mark Zuckerberg, in a post about the news on Monday, wrote: “We believe these are different experiences that complement each other. But in order to do this well, 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. 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.”

Amazingly, Instagram was valued at $500 million in a financing round just last week. The company said it had 30 million users already before opening it up to Android users last week.

Maybe all it took for the deal to get done was MC Hammer’s flashback photo with Snoop and 2Pac.

 

Click here to read Zuck’s full note …

 

Jacob Soboroff, HyperVocal contributor, AMC News correspondent and executive director of Why Tuesday weighed in with his thoughts, surely speaking for the millions of IG users:

 

Go on, go ’head and click and for more updates straight to your news & nonsense feeds.

 


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