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Category: SocialMedia

Facebook, Now The Proud Owner of Instagram

Written on April 10, 2012 by Avlya Jaie

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Facebook CEO Mark Zuckenberg, announces the acquisition of the popular photo sharing app Instagram, in his Facebook Timeline, last Monday

has bought the popular sharing app , for a hefty amount of $1 billion. CEO Mark Zuckenberg, made the official announcement in a post in his Timeline: “I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining .”

Instagram CEO Kevin Systrom is likewise happy with the acquisition and has issued a statement in Instagram’s company blog saying: “We’re psyched to be joining Facebook and are excited to build a better Instagram for everyone.”

The sale is said to be finalized, later this quarter and will bring the nine-person staff of Instagram to Facebook’s corporate quarters.

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