In a shocking move this afternoon, Facebook CEO Mark Zuckerberg announced that the social media giant will acquire Instagram, the widely popular photography app.
“This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users,” Zuckerberg said. “We don’t plan on doing any more of these, if any at all.”
Facebook plans to actually let Instagram to continue to run independently, which is a change of pace from their usual strategies; the company usually purchases and closes small start-ups after incorporating their technologies and staff.
“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people seperately from your friends on Facebook.”
Facebook will be paying cash and stock for the company and also hiring it’s current 10 employees.
Instagram is currently available on the iTunes Store and Android Market.