©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
Wall Street Journal
Facebook Inc. said it is acquiring the popular photo-sharing app maker Instagram for $1 billion in cash and stock in what is the social network’s biggest acquisition to date.
Facebook, which is in the process of going public in an offering that will raise as much as $10 billion, has stayed away from big acquisitions. The Menlo Park, Calif., company has traditionally purchased small start-ups for tens of millions of dollars, often discarding the technology and focusing on the human talent that comes with the deal.