Facebook to gobble up Instagram for $1 billion
Instagram, a San Francisco-based startup company and creator of the popular photo-sharing app/network, has struck gold. Facebook has announced it's buying the not-yet-2-years-old company for $1 billion in cash and stock. Immediately, the online community is abuzz with speculations and concerns. What will Facebook do to the popular app? Will they get rid of it?
Instagram CEO Kevin Systrom assures on his blog:
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.