Facebook buys Instagram for $1 billion… wait, what?!
The big talk around the office within the past ten minutes has been that Facebook has purchased Instagram for $1 billion.
Yes, that’s right, Mark Zuckerberg made the announcement this morning… by posting it to his Facebook 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.
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. We don’t plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.
That in itself is big news – the fact that a $1 billion acquisition was made is news, AND that it was announced on Facebook? That is unreal.
Seriously, when Kris saw that John Swartz posted about it on his Twitter, we were all incredulous.
FB plunked down $1 billion on Instagram.—
Jon Swartz (@jswartz652) April 09, 2012
A $1 billion business deal? That’s crazy, no matter what the companies are!
This announcement comes on the heels of the April 3 announcement that Instagram was now available to Android users.
Now we are all wondering, what does this mean for Instagram? Why is this mobile app worth $1 billion? What plans does Facebook have for it moving forward?
We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.
And what does the way this news was broken mean for the future of tech company announcements… especially in the social media space?