Facebook to Acquire Instagram for a Billion Dollars
In a blog post, Kevin Systrom, CEO of the photo sharing service Instagram, announced that his eight-person company will be acquired by Facebook. Facebook CEO Mark Zuckerberg chimed in on his own timeline, adding, “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.” Facebook says the transaction will be valued at $1 billion. We hope the owners of Instagram will share some of the windfall with their tiny, but effective, staff.