Mo Money: Facebook Buys Photo Sharing App Instagram For $1 BILLION

- By Bossip Staff

For some sepia filters and tilt shift though?

Facebook announced in a blog post that it is buying photo-sharing service Instagram.

Mark Zuckerberg wrote in a post on his Timeline, “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.”

Facebook said it had paid approximately $1 billion for the two year-old company.

Instagram, which was founded in 2010, recently shared that it had attracted more than 30 million users.

Must be nice! Facebook hasn’t even gone public yet and they are shelling out a billion for a start-up company that is less than 2 years old, no revenue and is just switching over to Android. Some critics are calling the move not too smart on Facebook’s part. We all remember what happened when Myspace prematurely bought Photobucket. Oh, you don’t? Our point exactly.

Do you think Mark “Makin’ It Rain On Them Tech Companies” Zuckerberg made the right choice?


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