Facebook acquires Instagram for $1 billion

In what was really a surprise move, Facebook announced on Monday (9th April) that they had acquired the photo-sharing app ‘Instagram’ for…wait for it – $1 billion dollars.  

It was announced on Mark Zuckerburg’s Timeline, before being released as a press release by the company.

The company says that they will remain independent but within minutes, users took to Twitter to voice their concerns in terms of privacy with many stating that they would be deleting their Instagram apps straight away.

 

 

Instagram itself is a relatively new company only having been launched 551 days ago.  An interesting tweet suggested that it made $1.8 million dollars each day since they started.  Wow!

Instagram recently launched a new Android app to compliment its iPhone app.  It has a base (so far) of 8 million users but with Facebook coming on board, this is likely to increase significantly.

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