Facebook splashes $1bn on Instagram acquisition

Facebook has snapped up Instagram, the popular photo-sharing app, for $1bn (£623m) in cash and shares and sparked a major backlash.

Mark Zuckerberg: Facebook chief executive and founder
Mark Zuckerberg: Facebook chief executive and founder

Mark Zuckerberg, Facebook’s chief executive and founder, made the announcement regarding the Instagram acquisition earlier today in a post on Facebook.

Following news of the acquisition Instagram users have been been voicing their anger on Twitter about the deal with many saying they do not want Facebook to have access to more of their data or to flood the service with ads.

Read more: http://wallblog.co.uk/#ixzz1rcuivoIg

Read more on this story on Brand Republic’s digital blog, The Wall.

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