Facebook to buy Instagram for $1 Billion
Mark Zuckerberg has just announced that Facebook will be purchasing photo social network, Instragram for $1 billion USD.
This looks to be a talent purchase, but Facebook is going to continue running the Instagram service and will still allow users to post photos to the other social networks like Twitter, Flickr etc.
Instagram has 10 employees which will move across to Facebook in conjunction with their work at Instagram.
This will be Facebook’s largest single ever acquisition and Zuckerberg said it is likely they won’t do a purchase of this size again.
We will update you with more details as they unfold.