Huge Buzz Over $1 Billion Instagram Sale
April 10, 2012 by staff
Huge Buzz Over $1 Billion Instagram Sale, Facebook is the proud new owner of Instagram, the photo-sharing mobile app. Cost of the acquisition? A cool $1 billion. News of the purchase immediately sent the web into overdrive, launching the company into a trending topic on Twitter and causing a frenzy of searches on the social site.
The picture-taking application that is barely two years old allows users to choose various artsy filters on the snaps taken with their smartphones. Predictably, loyal followers of the photo-sharing tool took to Twitter to voice their shock at the sale.
From the blog site Tumblr: “Kodak is going bankrupt and Instagram sold for a billion dollars. Wow, what is the world coming to?” 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.”
Adding to that stream of thought, Casey Johnston posted, “Instagram, a thing people like, sells for $1 billion. Yellow Pages, a thing no one likes, sells for $950 million.”
Twitter handle @patrickrhone thought Facebook actually got a deal for Instagram’s 30 million users: “What Facebook is telling you it bought: Instagram for $1billion. What Facebook really bought: Millions of users for a few dollars each.”
Hipster Problems bemoaned the situation: “Guys, Facebook bought Instagram! Time to abandon? Or continue to use it…but ironically?”
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