Facebook buys Instagram for $1billion

Facebook buys Instagram for $1billion

“30 million Instagram users in two years gets you a £633m pat on the back from the CEO of the world’s biggest social network these days.

Less than a week after photo sharing and filtering app Instagram hopped over to Google Play, Facebook has announced that it’s only gone and bought the whole app operation to the tune of US$1billion.

And if you’re worried about Mark Zuckerburg destroying his competition, it looks like Instagram CEO Kevin Systrom and his team will be kept together under Facebook’s watchful eye – perhaps similar to how YouTube is run slightly separately since Google bought it.”

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