The New York Times: Facebook has announced that it will purchase Instagram for $1 billion in stock and cash. The photo sharing startup has no revenue and just twelve employees, but it does have 30 million users who upload more than five million photos a day. The billion-dollar price tag makes this the largest acquisition the social networking giant has ever made.
However, not everyone is happy about the deal. Some vocal Instagram fans say that they'll stop using the company's mobile apps now that it's owned by Facebook.