Facebook acquired Instagram on this day
Facebook acquired photo-sharing platform Instagram on April 9, 2012, for $1 billion in cash and stock. Initially, Facebook planned to keep both companies separate, but later joined the two databases. At the time of the purchase, Instagram, founded in 2010 by Mike Krieger and Kevin Systrom, was close to 50 million users. The deal was finalised on September 6, 2012.