Big news today in the world of social media: Facebook plans to acquire Instagram for a whopping $1 billion in cash and shares. CEO Mark Zuckerberg broke the news himself, and wrote that Instagram will stay alive as an independent product.
This is incredible news for Instagram, one of the most popular iPhone apps out there, which only just recently introduced an Android version.
AllThingsD has a helpful breakdown of what an Instagram/Facebook union means, and how important the world of photo sharing is to Facebook.
Facebook is expected to go public in the coming weeks in an IPO that could raise as much as $10 billion and value the company at $100 billion.
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