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A picture is worth a thousand words, but a popular photo-sharing app is worth far more: Facebook announced it is purchasing Instagram for $1 billion.
To put the sale in perspective, the Wall Street Journal’s Dennis K. Berman tweeted: “Remember this day. 551-day-old Instagram is worth $1 billion. 116-year-old New York Times Co.: $967 million.”
The purchase of the San Francisco-based photo-sharing app is the largest financial acquisition in Facebook’s history and is being made in cash. The deal will be completed by June, according to the AP. Continue reading