Yesterday morning, Facebook posted on its website it will be acquiring Instagram, a photo-sharing app for smartphones. Instagram, which has become enormously popular in the last few months, has agreed on a selling price of approximately $1 billion. The Huffington Post reported the two-year-old company currently has 13 employees.
Facebook CEO and co-founder Mark Zuckerberg promised Instagram users the app’s autonomy would not be compromised, saying users will still be able to share photos on social networking sites other than Facebook, and their Instagram followers and Facebook friends will remain segregated.
“We believe these are different experiences that complement each other,” Zuckerberg wrote on his Facebook Timeline. “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.”