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

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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