And here we thought that the next time Facebook made headlines would be next month, for its initial public offering. Nope. Something even bigger. The social media giant reportedly just bought Instagram for a whopping $1 billion dollars. FB Chief Executive Mark Zuckerberg posted some incredibly positive things about the deal with Instagram on his Facebook page, adding that it’s a big milestone for FB, being the first time it’s ever acquired a company & product with this many users. Hats off to Mark and the rest of the FB crew on an awesome partnership. Evelyn M. Rusli of the New York Times wrote this afternoon,
“Facebook is not waiting for its initial public offering to make its first big purchase.
In its largest acquisition to date, the social network has purchased Instagram, the popular photo-sharing application, for about $1 billion in cash and stock, the company said Monday.
It’s a notable move for Facebook, which has exclusively focused on bite-size acquisitions, worth less than $100 million.
With Instagram, Facebook will get a formidable mobile player – an area that is seen as a weakness for the sprawling social network.
Founded two years ago, the service — which lets users share photos and apply stylized filters – has become one of the most downloaded applications on the iPhone, with some 30 million users. Instagram released a version of its application for Google’s Android operating system last week.”
To get the rest of the details about Facebook’s deal with Instagram click here.
Facebook just keeps coming out with impressive moves. I consider myself incredibly lucky to have been asked to work for Facebook back when they were first ramping up making money with the site, and I’m totally proud of the guys that are still there for all they’ve accomplished since. I think the acquiring of Instagram was a great move, and I’m excited to see where it will take Facebook.