Updated: Facebook buys Instagram for $1,000,000,000

Godwin Bassey is a System Administrator, and an enthusiastic blogger with particular interests in concept devices, automobile tech, audio video tech, computing, gizmos & mobile devices. You can follow him on twitter - @DaTecNerd.

How’s this for some big news? Facebook CEO Mark Zuckerberg has let slip that his company plans to buy popular photo-sharing app Instagram (pending all of the standard regulatory approvals, naturally). According to a report from All Things D‘s Kara Swisher, Facebook will pick up the social app, which got its own long-awaited Android version, for a cool $1 billion in cash and shares. Ole Zuck confirmed the news on his personal blog, adding that the deal won’t affect Instagram’s integration with competing social networks.

P.S. Interesting stuff is that Instagram’s creator was offered a job with Facebook in 2010, which he turned down. Now Facebook pays a whopping USD$1Billion after 551 days.

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