Photo-sharing App gold-rush: Facebook buys Instagram for $1 billion

Hot on the heels of the successful launch of the Instagram app on Android, there is more Instagram action, this time it is one billion dollars (read it with a Mike Meyers voice). That is how much Facebook has agreed to pay for the popular photo-sharing app! Granted, Facebook is playing with essentially monopoly money ahead of their mega-IPO. You can find on-going details on this deal at Techmeme. (via Foto Actualidad)

UPDATE: Malik Om thinks he knows why Facebook bought Hipstergram for the crazy price of $1 billion.

UPDATE: More than whispers by "betrayed" Instagram fans and talk of sellout addressed at NY Magazine.

Grumpy Photographer Opinion
And now our resident "Grumpy Photographer" laconically opines on this development: BUBBLE!