Facebook owner Mark Zuckerberg, far
left, paid Instagram co-founders, Kevin Systrom (pictured right) and
Mike Krieger (next to him) $1 billion for their popular photo-sharing
appTo put the sale in perspective, the Wall Street Journal's Dennis K. Berman tweeted: "Remember this day. 551-day-old Instagram is worth $1 billion. 116-year-old New York Times Co.: $967 million."
The purchase of the San
Francisco-based photo-sharing app is the largest financial acquisition
in Facebook's history and is being made in cash. The deal will be
completed by June, according to the AP.
"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," CEO Mark Zuckerberg wrote on his
Facebook page. "We don't plan on doing many more of these, if any at
all."
In a move to reassure Instagram's
growing audience of users, Facebook announced that it will continue to
let Instagram operate independently. However, Facebook is hiring
Instagram's 10 employees.
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