SOCIAL NETWORK Facebook has bought Instagram – a profitless, two-year-old photo-sharing application – for $1 billion.
Instagram is a mobile sensation that counts Twitter co-founder Jack Dorsey among its backers and has been downloaded by more than 30 million people. The $1 billion price – in cash and stock – is the highest for a profitless start-up since Google bought YouTube for $1.65 billion in 2006.
When the Silicon Valley start-up released a version for Android phone users this month, it was downloaded one million times in its first 12 hours.
Excerpt from www.irishtimes.com article – “Facebook pays $1bn in stock and cash for profitless photo-sharing app” – Read more: http://bit.ly/ImH2LE
