Facebook Buying Instagram for $1 Billion
Just a few days after Instagram for Android has been released to the public for download, and acquiring a few million new Instagram subscribers from Android devices, Instagram and Facebook announce a takeover. Facebook will be buying Instagram for $1 Billion in cash and stock. This comes by way of Press Release, which is available to read at the source links below.
Facebook is set to make its' initial public offering on the NASDAQ in May, joinging the ranks of other powerful technology companies such as Apple (AAPL) and Google (GOOG). Facebook is set to be the largest IPO in technology history, and after the announcement today of buying Instagram, there's no doubt that they are building a bigger empire than many expected would come from a social media network years ago.
More details are still spilling out over the news of the Instagram purchase as the day unfolds, but it is certainly the biggest news thus far! No one ever said Zuckerberg doesn't know how to stir the pot.