Facebook has agreed to buy the hugely popular photo-sharing app maker Instagram for about $1 billion in cash and stock in a blockbuster deal reverberating around Silicon Valley.
It’s about the only thing that could top Justin Bieber on Instagram.
Facebook’s chief executive and founder made the announcement Monday on Facebook in a post that has already generated tens of thousands of likes. He has pledged to allow Instagram to remain independent.
“For years, we’ve focused on building the best experience for sharing photos with your friends and family. Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests,” Mark Zuckerberg 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.”
Posted by flashpointgrafix at 11:21 in: Neighborhood News
Tagged with: announcement, app, blockbuster, blockbuster deal, facebook, justin bieber, maker, Mark Zuckerberg, sharing photos, silicon valley