Facebook head honcho Mark Zuckerberg has just stacked a big pile of dough on the desks of Kevin Systrom and Mike Krieger. Chances are you’ve never even heard of the 2 names just mentioned to you — and why would you? They’re the co-founders of one of many 15-month old startup companies. Perhaps the name Instagram rings a bell (you know… those yellow-orange photos your friends post on their FB walls).
27-year old Zuckerberg certainly knows these 2 names very well. In fact, 8 years ago the Facebook co-founder had asked Kevin Systrom to join the infant social networking site and got shot down.
Fast-forward to today. This time around, Zuckerberg made them a slightly different offer which they couldn’t refuse. On his own FB page, Zuckerberg announced that Facebook has agreed to buy Instagram.
The Instagram price tag
If a picture is worth 1000 words, apparently an Instagram company is worth 1000 millions. Mark Zuckerberg’s bill for the photo-sharing app startup: $1 billion in cash and stock of course.
Here’s what Mark Zuckerberg shared:
“I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining 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.
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.
That’s why we’re committed to building and growing Instagram independently. Millions → Read more