HOT PURCHASE - Facebook Buys Instagram for $1 Billion Yes That's a B!

Yes, guys that is a B in Billion! Facebook's Mark Zuckerberg put down a huge chunk of money to acquire Instagram. This is obviously a bold move to try to fend off the up and coming Pinterest which now has grown for business use.

So how will they use their forces for good you ask? Well according to NYTimes.com site:

With Instagram, Facebook will get a formidable mobile player – an area that is seen as a weakness for the sprawling social network. Founded two years ago, the service — which lets users share photos and apply stylized filters – has become one of the most downloaded applications on the iPhone, with some 30 million users. Instagram released a version of its application for Google’s Android operating system last week.

On Monday, both companies expressed their commitment to run Instagram as an independent service.

In a post on his profile page, Facebook’s chief Mark Zuckerberg said Instagram would continue to work with rival social networks. That will allow users to post on other services, follow users outside of Facebook, and to opt out of sharing on Facebook.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Mr. 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.”

Being that they didn't even wait until their IPO they must be taking this purchase very seriously. What do you think? Was it good or bad?

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