Facebook is acquiring Instagram for $1 billion, and Instagram’s team will be joining Facebook. Mark Zuckerberg announced the deal in a Facebook post:
Instagram is well-liked, and used all the time. Heck, the guy who started it was in the First Lady’s box during the Presidential State of the Union address.
But a billion dollars?
Wow. We’re back in 1999, aren’t we?
Facebook is reportedly paying cash and stock for the San Francisco-based Instagram. The deal is expected to close in June.
If you aren’t familiar with Instagram, it lets people put filters to photos and share them with friends and strangers. Some of the more popular filters make the photos look as if they’ve been taken in the 1970s or on Polaroid cameras.
BOTTOMSCOOP: Facebook was scared shitless and knew that for first time in its life it arguably had a competitor that could not only eat its lunch, but also destroy its future prospects. Why? Because Facebook is essentially about photos, and Instagram had found and attacked Facebook’s Achilles heel — mobile photo sharing.
But is it really THIS serious lol?