Facebook Acquires Instagram

    Facebook CEO Mark Zuckerberg smiles during an announcement at Facebook headquarters in Palo Alto, Calif., Wednesday, July 6, 2011. (AP Photo/Paul Sakuma)

    Paul Sakuma / AP Photo

    We guess it was only a matter of time? Facebook has bought the popular mobile photo-sharing application Instagram, CEO Mark Zuckerberg announced in a statement today. “For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Zuckerberg wrote. “Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.” The social-media behemoth shelled out a reported $1 billion in the acquisition, which comes just days after Instagram began streaming its service on Android phones in addition to iPhones.

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