Facebook Buys Instagram for $1 Billion

Facebook has agreed to buy Instagram for $1 Billion in cash and shares. It’s one of biggest acquisitions by Facebook and has surprised many analysts. Users are also stunned at the surprise announcement. Intagram, however, has made it big considering that it had just received $500 million in funding few days ago.

It’s still not clear whether there were any other players (read Google) looking to acquire the startup. Instagram is a popular photo sharing apps that has nearly 30 million active users. It initially launched for iPhone back in 2010 while the Android version of the app was released last week.

Instagram has been very popular as it lets you add some cool effects to your photos and share them with the world. Facebook is committed to let the service remain independent. However, a strong Facebook integration in near future cannot be ruled out. It will be interesting to see how the users deal this change. Initially, there has been mixed response over the news. Some users appear not to be concerned with the news while a majority of users are not happy with the move.

Some users are even deleting their accounts and looking for alternates.

You can read more about it on official Instagram blog.