Facebook no more on with Instagram Acquisition
The much heard news of Facebook’s acquisition of the largest photo sharing application Instagram, took an altogether different turn on August 31st 2012, when both the companies announced the official close down of the acquisition. Facebook was on with its proceedings of purchasing instagram by paying $1 billion of which $300 million in cash and the rest in stock. However, Facebook has stopped this deal and the two companies have separately posted in their respective official corporate blogs. Even after the closure of the acquisition, Social utility Facebook hinted through its post that it will continue to work for the growth of instagram, so that its user community receives the same or better user experience. It is also likely to hire a dozen or so employees of Instagram team to further modify the application. Further, Facebook ascertains that it will utilize its team of expert engineers and state-of-the-art-infrastructure to help instagram grow big.
Through the official blog, Instagram stated that it is quite excited of the closing deal, because now the two companies will be able to work together and build a better Instagram for everyone. The post also made confirm that the closing down of the deal is no way going to affect the features of the application. Further, the post also points to the growing popularity of application as it announces that Instagram achieved the milestone of being the most used online photo sharing platform with figure touching 5 billion photos shared.
However, after this news, the users of Instagram and even the two companies are not very clear of what is coming next and how the application is going to get molded in the near future.
Previous News About Facebook & Instagram: