This is the latest and the biggest news of social media sphere. Facebook has acquired Instagram for $1 Billion in stock and cash. Instagram is a photo sharing app only for mobile users. In 2011, the app had 1 million users, which rapidly grew to 15 million by the end of the year. Currently it has 30 million users. This rapid popularity was becoming a threat to facebook.
The mammoth popularity of this photo sharing app is due to is super fast functionality, especially when compared to other Facebook apps. Further, it is easy to use. While using iPhone app of Facebook the users have to browse through 6 different screens before taking the picture. But with Instagram, there is only one screen.
Mark Zuckerberg was very excited to share the news. In his statement he said that the talented team of Instagram will join Facebook soon. This is certainly a very important milestone for the world’s largest social networking site.
Instagram, with its 9 employees, began its journey only two years back. According to a report, the 9 employees have become “ridiculously wealthy” after Facebook acquired the company for $1 billion. Kevin Systrom, the CEO of Instagram, is the owner of 40% share of the company and will get $400 million from the sale pre-tax. The second close would be, Mike Krieger, a cofounder, with 10% share. He is eligible for $100 million from the sale.