Due to the release of a new update on April 23, Facebook has finally told the world why it gave away $1 billion to the developers of Instagram.
According to Facebook, they purchased the popular photo-sharing service for mobile for nearly 23 million shares and $300 million in cash. After the great purchase, Facebook said “To maintain Instagram’s products as independent mobile applications to enhance our photos product offerings and to enable users to increase their levels of mobile engagement and photo sharing,” according to the new representative.
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