It has been confirmed that Facebook co-founder and CEO, Mark Zuckerberg, has purchased popular photography app, Instagram, for $1 billion in cash and shares.
The Instagram acquisition is one of the largest in Facebook history, and according to Zuckerberg, the company does not plan on doing many more of these transactions, if any. Zuckerberg, who made the purchase announcement on his Facebook blog this morning, does not plan on making any changes to Instagram as of yet.
“We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook,” wrote Zuckerberg.
“That’s why we’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people,” he added.
Zuckerberg also stated that the 30 million Instagram users on Android and iOS would still be able to post their photos on other social networks besides Facebook.
There are currently a plethora of Hip-Hop artists on Instagram, including Rick Ross (RichForever), Tyler the Creator (tylerthecreator), Cam’Ron (Mr_CamRon), Big K.R.I.T. (YoungKrizzle) Fabolous (MyFabolousLife),Snoop Dogg (SnoopDogg), and many others.
According to Facebook’s press release, the transaction will be completed later this quarter.