Facebook buys Instagram for $1Billion

Facebook co-founder Mark Zuckerberg explained why his company bought the mobile photo sharing site with over 30 million registered users
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. We don’t plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.