Saturday, 14 April 2012

Facebook buys Instagram for $1 billion

| Saturday, April 14, 2012 | |

The top news of the time. Facebook bought Instagram, a mobile photo sharing application for $1 billion.

The application was launched in March 2010, now solg for gold.
The expected revenue sharing is-
* 40%, that is about $400million to Kevin Systrom, 26 year old CEO.
* 10%, that is, about $100 million, to co-founder Mike Krieger.
* The left 13 employees of Instagram will get a share from $100million in accordance to time spent on Instagram.

"The Instagram app will still be the same oneyou know and love... We're psyched to be joining Facebook and are Excited to build a better Instagram for everyonr.
                                                                                           -Kevin Systrom (CEO Instagram)        
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