Facebook buys Instagram for $1 billion

Instagram became one of the world’s most valuable photography companies today when it was bought for $1 billion in cash and stock by Facebook.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family. 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.”
— Mark Zuckerberg on his Facebook page, April 9, 2012.

Source: Jenna Wortham at The New York Times, April 9, 2012.