Instagram Bought By Facebook: Kevin Systrom & Mike Krieger Hit The Real Mega Number
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 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.
We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.
These and many other features are important parts of the Instagram experience and we understand that. We will try to learn from Instagram’s experience to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.
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.
We’re looking forward to working with the Instagram team and to all of the great new experiences we’re going to be able to build together.”