Facebook Buys Instagram For $1 Billion. Smart Arbitrage. - Forbes: "t is one of the best apps for taking and sharing photos from the iPhone. Its square images and assorted image filters let anyone make retro, techno and pretty pictures out of mundane shots of their kids, pets, food. Instagram’s Android version, released last week, got millions of downloads immediately. But $1 billion, if true, is still a crazy number. Instagram doesn’t make any money. Nor did it say it was focusing on revenue. It is still chasing big users. Kevin Systrom, Instagram’s CEO, wrote this to calm down his users in response to the deal. An excerpt:"
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