Facebook Buys Instagram

Mark Zuckerberg has agreed to purchase photo-sharing app Instagram for $1 billion dollars. To put this figure into perspective, the 551-day-old Instagram is now worth more than the 116-year-old New York Times.

The Facebook CEO confirmed this deal earlier today on his personal blog and reassured everyone that the acquisition will not affect Instagram’s integration with competing social networks. He also noted that the two companies will act independently and the Instagram app will not change.

This is the social network giant’s biggest purchase ever and they have now added millions of new users under their umbrella.

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