Facebook Buys Instagram for a Billion Dollars

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Facebook announced in a blog post that it is buying photo-sharing service Instagram.

Mark Zuckerberg wrote in a post on his Timeline, “For years, we’ve focused on building the best experience for sharing photos with your friends and family. 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.”

Facebook said it had paid approximately $1 billion for the two year-old company.

Instagram, which was founded in 2010, recently shared that it had attracted more than 30 million users.

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