Facebook Buys Instagram For $1 Billion Dollars!

Facebook announced a billion dollar move on Monday when it was revealed that the social network had purchased social photo app Instagram for $1 billion dollars.

Instagram is one of the most popular mobile apps and has more than 30 million registered users. Facebook CEO Mark Zuckerberg has revealed he will keep Instagram separate from Facebook, but hopes to incorporate some of its components on their network.

“We will try to learn from Instagram’s experience to build similar features into our other products,” Zuckerberg said in a statement about the acquisition. “At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.”

Instagram CEO Kevin Systrom also chimed in as well, “It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.”

The deal is set to close this quarter.

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