Facebook is to buy photo sharing smartphone app Instagram for $1billion, in cash and stock it was announced on the 9th April.
Instagram was only launched in October 2010 - initially just for the iPhone before being offered as an Android app last week.
The app is free and allows users to apply 17 filters to the pictures they take - changing the colour balance to give the images a different feel - before they are uploaded.
The app has more than 30 million users uploading more than 5million pictures each day according to the company.
Writing on his Facebook page, Mark Zuckerberg said;
"We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience.
"We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook."
He added: "This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users. We don't plan on doing many more of these, if any at all."
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