Facebook buys Instagram
In its biggest acquisition to date, Facebook is buying the photo-sharing network Instagram for $1 billion in cash and stock. The mobile network app has 30 million users that share photos with friends on various social networks, including Facebook. “We’re committed to building and growing Instagram independently,” Facebook CEO Mark Zuckerberg said. “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 said Instagram will operate as an independent entity. However, some users are wary of Facebook acquiring data about their relationships on Instagrams and the photos they’ve uploaded through the app. “There is no guarantee that Facebook will be using the data gathered by Instagram but we wouldn’t bet against it in a million years,” one blogger wrote.