Facebook buys Instagram for $1billion

As announced by Facebook CEO Mark Zuckerberg and Instagram CEO Kevin Systrom, the world's biggest social network has snapped up photo-sharing service Instagram in a $1billion takeover.

Commentators have speculated that Facebook wanted to shore up its photo-sharing offering; Instagram has rapidly become a go-to service for iOS users, and it recently arrived on Android. (The service was also popular among web industry folk in our recent best mobile apps feature.)

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