Facebook have acquired Instagram for around $1 billion, which includes money and shares.

Kevin, the CEO of Instagram, had this to say about it:

"The Instagram app will still be the same one you know and love. You’ll still have all the same people you follow and that follow you.You’ll still be able to share to other social networks. And you’ll still have all the other features that make the app so fun and unique. We’re psyched to be joining Facebook and are excited to build a better Instagram for everyone."

For a company that only started 2 years ago, this is massive news.