Facebook Buys Instagram USD 1 billion - The world's most popular social networking site, Facebook, ready to buy Instagram. This popular application that is used for sharing photos will be purchased for $ 1 billion.
The amount of purchase is the largest acquisition that is ever made by Facebook so far. The purchase seemed to be done to prevent Instagram falling into the hands of Facebook’s rivals like Twitter and Google.
"I'm sure Google is also interested. Instagram will be an asset with a high impact for anyone who wants to compete with Facebook," said Lou Kerner, founder of Internet Social Fund.
Instagram allows users to add filter and effect in a photo taken using the iPhone and Android smartphone, then share it with their friends. This application has around 30 million users since its release in January 2011.
Instagram stated that until the end of 2011, their user should have uploaded about 400 photos or about 60 million images per second. Last week, the application is launched for Android.
"This is an important step for Facebook, because it is the first time we've acquired a company and product with so many users," said Facebook CEO Mark Zuckerberg. The acquisition process up to Instagram is expected to be completed in this quarter
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