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Facebook Aquire Instagram for 1 Billion

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NEW YORK (CNNMoney) -- Facebook has agreed to buy photo sharing network Instagram for $1 in a combination of cash and stock, the company announced Monday.

It's Facebook's biggest acquisition ever, in both price and reach. With around 30 million active users, Instagram has the largest audience of any startup Facebook has purchased, Facebook CEO Mark Zuckerberg said in a blog post.

"We don't plan on doing many more of these, if any at all," Zuckerberg wrote. "But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.

Founded in 2010 by Mike Krieger and Kevin Systrom, Instagram has just a handful of employees supporting its wildly popular photo app. The long-awaited Android version, released last week, racked up more than 1 million downloads in just 12 hours.

Facebook likes to scoop up hot startups, kill their products, and redeploy their staff on other projects. That's definitely not the plan for Instagram, all the players insist.

"It's important to be clear that Instagram is not going away," Instagram's founders wrote on their company blog. "We'll continue to add new features to the product and find new ways to create a better mobile photos experience."

Zuckerberg pressed the point.

"We're committed to building and growing Instagram independently," the CEO said. "Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people."

Facebook, which is in the process of going public, ended 2011 with a cash stash just shy of $4 billion. bug.gif

hmm, we wont even be able to make a cup of tea without facebook knowing about it soon.

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Statement by Mark Zuckerberg

I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook.

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.

We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook.

That's why we're committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.

We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.

These and many other features are important parts of the Instagram experience and we understand that. We will try to learn from Instagram's experience to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook's strong engineering team and infrastructure.

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. We don't plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.

We're looking forward to working with the Instagram team and to all of the great new experiences we're going to be able to build together.

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1 billy fockk

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f*ck facebook

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Watching this on the news killer part is only 8 people work for the whole company. The it expert said reason price was so high is so they can get the actual staff (forget messi and Ronaldo transfer fees )

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Madness. Can't beat em so just draw for the wallet. Real skill...

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Watching this on the news killer part is only 8 people work for the whole company. The it expert said reason price was so high is so they can get the actual staff (forget messi and Ronaldo transfer fees )

so everyone in the company has suddenly become multi millionares

f*ckin ell

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