Facebook has officially closed on the acquisition of Instagram. Instagram has just hit 5 billion shared photos. Since Facebook’s stock price dropped dramatically since the IPO and Instagram took 23 million shares at a price of $30 per share, the deal is now worth significantly less than it was in April. Now that the deal is closed, Instagram is ready to get back to business.
What makes this even more exciting is that our deal with Facebook has closed, which means we can now work together to evolve and build a better Instagram for everyone. While our team is making the short move to the Facebook offices, Instagram isn?t going anywhere. The Instagram app and its features will stay the same one you know and love, and we?ll keep working together to build a better Instagram for everyone.
Facebook sees about 300 million photos uploaded to their website every day and they said that they are excited to let Instagram continue to grow their product with Facebook’s resources behind it.