Facebook Buys Instagram

Facebook just announced that it will acquire the popular photo-sharing social network Instagram. "For years, we've focused on building the best experience for sharing photos with your friends and family," Facebook CEO Mark Zuckerberg said in a post Monday. "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." Zuckerberg also said that Instagram will operate independently from Facebook and that the app's ability to share with other social networks is an important part of an Instagram user's experience. "This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users," Zuckerberg explained. "We don't plan on doing many more of these, if any at all." Early reports suggest Facebook is paying $1 billion for Instagram.

[via Facebook, Fortune]