Facebook announced today that it has reached an agreement to acquire Instagram, a fun, popular photo-sharing app for mobile devices.
The total consideration for San Francisco-based Instagram is approximately $1 billion in a combination of cash and shares of Facebook. The transaction, which is subject to customary closing conditions, is expected to close later this quarter.
Facebook buys Instagram for $1 billion
Son of a…
Apparently the new business model is to not have a business model. And wait for someone to buy you (who may or may not have a business model).
Good for the Instagram guys, $1b is one great number for them.
I have deleted my account within seconds of reading that though. IMHO Zuckerberg’s greatest achievement is that he makes Eric Schmidt look like a reasonable human being. Creepy.
My account gone too!