Facebook Buys Instagram For $1 Billion

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Facebook has just agreed to a staggering $1 billion acquisition of Instagram - the popular mobile photo editing and sharing site - according to reports.

Twitter exploded with people marveling at the astronomical sale price, joking about hipster filters, and comparing previous photo site acquisitions.

The big question on everyone's minds is why. For Facebook, the short answer is because they can, and it's all about staying current. Instagram is in.

Instagram CEO Kevin Systrom insisted that "Instagram is not going away."

Selena Gomez on Instagram

Instagram lets users stylize photos, such as this one of Selena Gomez, on the go.

"We'll be working with Facebook to evolve Instagram and build the network," Systrom said. "We will continue to add new features to the product and find new ways to create a better mobile photos experience for users."

The app will remain in the App Store and on Google Play and users will still be able to share on social networks other than Facebook, he said.

Elsewhere, another 10-figure tech sale was in the works. Rumors surrounding AOL's desire to sell off its patent portfolio have floated for weeks.

Monday, those rumors turned into a very real $1.056B deal with Microsoft.

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