Deal of the Year: Facebook Buys Instagram
The scrappy San Francisco-based photo-sharing app company had been rumored to be accepting a $50 million round, but now it’s been acquired for $1 billion.File this under staggering: Facebook announced today that it will acquire photo-sharing app Instagram for $1 billion. “For years, we’ve focused on building the best experience for sharing photos with your friends and family,” CEO and founder Mark Zuckerberg wrote on his own Facebook page. “Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.