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.
Justin Bieber has unleashed a scathing attack on the media, accusing the press of writing "countless lies" about him.
In a fortnight which saw the 19-year-old singer cancel a concert, left short of breath at London's O2 and swear at a photographer, he was forced to deny on Instagram that he's going into rehab. Bieber added he had done nothing to deserve the negative publicity surrounding his European tour.
Justin Bieber added: "All this isn't easy. I get angry sometimes. I'm human. I'm gonna make mistakes. In gonna grow and get better from them. But all the love from you guys overcomes the negativity."
Could Facebook's purchase of Instagram actually halt their rapid growth? Some Instagram users on Twitter are complaining this afternoon about Facebook buying the site, which already has 30 million users.
One user says, @Instagram was cool but I don't trust Facebook so I closed my account. Another, 'Not yet. As soon as it requires Facebook access or a Facebook account, it's going.' Another, 'I am deleting my account. I don't like F'book looking at every pic I take'..
It seems unlikely at this stage that this kick back will take away from the massive potential of this fast growing company. Another Twitter user points to the perhaps bizarre irony of using one social network to complain about another!
– Mark Zuckerberg, FOUNDER OF FACEBOOK
It's the first time we've ever acquired a product and company with so many users... We don't plan on doing many more of these.
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
– Mark Zuckerberg, founder of Facebook
For years, we've focused on building the best experience for sharing photos with your friends and family. Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests. We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook.
Facebook is buying the highly popular photo-sharing application Instagram for $1 billion. Here's the full statement from Facebook founder Mark Zuckerberg.