Facebook Seals the Deal, Now Owns Instagram
After closing the acquisition today, Instagram is now owned by Facebook for US$ 1 billion worth of cash and stocks. According to Mike Schroepfer, Vice President of Engineering at Facebook, "We’re so excited to bring Instagram to Facebook and see what we can create together." He added, "Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure." Though it has been acquired, Instagram ensures that the app and its features will remain, and it promises that it won't go anywhere. According to Instagram blog, it will not be implementing any significant modifications on the app any time soon.