Facebook Buys Instagram For $1 Billion

Facebook announced its largest acquisition yet: Instagram.

I can hear hipters whining about how Instagram sold out and are too mainstream…

Facebook bought the San Francisco-based service for around $1 billion in cash and shares, and has promised to let it remain independent while also integrating it into the social networking site. AllThingsD has the full release, including Mark Zuckerberg’s statement that, “This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users. We don’t plan on doing many more of these, if any at all.”