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The Facebook/Instagram deal is expected to be finalised in the next few weeks.
- Instagram was first launched in January 2011
- It has 30 million users
- Launched on Android operating system last week
- Facebook will acquire Instagram's entire team as part of the deal
Facebook is buying the highly popular photo-sharing application Instagram for $1 billion. Here's the full statement from Facebook founder Mark Zuckerberg.
Latest ITV News reports
Can a company that has existed for 500 days, has only 13 members of staff and produces no revenue be worth $1 billion?
Facebook's founder describes it as "an important milestone" as he offers a huge price for a company with around a dozen employees.