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Facebook buys Instagram
Facebook has bought the photo app for $1bn.
By Martha Gill Published 10 April 2012
Facebook is to buy the photosharing app Instagram, for $1bn.
Instagram has only been an android app for one week, and first launched in October 2010, as an iPhone app. The firm says that it has more than 30m users. The company has 13 employees, each of whom will get $77m.
The app is free, and allows users to put different coloured filters on their photos before uploading. After combining with Facebook, the app is to be developed as a separate brand.
Techcrunch reported that Instagram had just closed a $50m funding round valuing it at $500m, information that had lead to questioning over whether Facebook was paying too much in the aquisition.
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Martha Gill is a staff writer. She writes the weekly "Irrational Animals" column in the New Statesman magazine. You can follow her on twitter here: @Martha_Gill.
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