Coffers at some of the world’s biggest tech firms are churning these days. Just after Microsoft spent a cool $1 billion on AOL patents, the folks at Facebook opened their overflowing wallet to purchase Instagram, which makes an uber popular app for mobile photo sharing.
Once available only for iPhones, the app is now available for Android units as well.
Facebook founder and chief Mark Zuckerberg announced the purchase – $1 billion in cash and stock – but warned Facebook watchers not to expect too many of these kinds of acquisitions.
All this comes as Facebook preps for its much-awaited IPO. Will this purchase help or hurt the price of Facebook shares? your thoughts…
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