With only a few months to go before Mark Zuckerberg takes Facebook into the world of publicly owned companies, the world’s largest social networking on-line tool has purchased Instagram for $1 billion.
Promising that this type of purchase was not going to happen too often, Zuckerberg said that the acquisition of Instagram was “an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users.”
Instagram is a photo-sharing application which gives its users the ability to add filters and a variety of effects to the photos they take on their smartphones. Since launching in January 2011 about 30 million people have become users of Instagram.
Facebook’s IPO, expected to value the company at between 75 and 100 billion dollars, is due to take place as early as May, 2012.
Sorry, comments are closed for this post.