You got Facebooks in my Instagrams
April 9, 2012 11:57 AM Subscribe
A picture is worth a thousand words and a billion dollars. Facebook has bought Instagram for $1 billion in a combination of cash and shares of Facebook. This is striking for since Instagram was valued at $500 million last week, though, right before the purchase they raised $50 million in venture capitol showing they have the ability to raise lots of money quickly. Instagram is notable for having 30 million users despite having been iOS-only until recently creating an Android app. Facebook had been rumored to be working on a photo sharing app, however, like Microsoft buying Skype, the user base was may have been real value, not the easily replicable technology. For those that rue this news, there are alternatives to host your sepia toned cell phone pictures.
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