Facebook buys Instagram for $1 billion


According to Reuters report, Facebook is going to pay $1 Billion in cash for Instagram. Instagram is gaining in popularity with the company just launching the Android version of the program. We used Instagram to give an inside look at PAX East this past weekend.

Facebook says that it will keep Instagram running and will also build features for it within Facebook.

“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,” Facebook CEO Mark Zuckerberg said in a blog post. “We don’t plan on doing many more of these, if any at all.”