Facebook buys Instagram for US$1 billion, promises not to screw it up
Facebook has announced that it has taken over Instagram, the San Francisco-based company behind basically the best photo-sharing app for the iPhone and Android.
According to Facebook CEO Mark Zuckerberg, Instagram will remain separate from Facebook itself.
On his timeline, Zuckerberg posted today (April 9):
We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook.
That's why we're committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.
Zuckerberg also said that Instagram users will continue to be able to post their square photos on competing social-media services, such as Twitter.
Facebook says the deal is worth about US$1 billion in cash and shares.