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April 10, 2012

Facebook Purchases Instagram for $ 1 Billion… Please Say The Billion

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Written by: Austin Weatherington
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Forget playing the lottery, Instagram co-founders Kevin Systrom and Mike Krieger just hit the mega billions. Yesterday, Forbes reported that social media powerhouse Facebook bought the free picture sharing company for a reported $1 Billion dollars.

Earlier in the week the upstart (Instagram) was valued at $500 million, boasting an impressive 30 millions users meaning Mark Zuckerberg was willing to double the price, just to acquire the company. Instagram won the 2011 iPhone App of the Year Award.

 

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About the Author

Austin Weatherington
Austin Weatherington





 
 
 

 
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