$0 IN REVENUES BUT WORTH A $1 BILLION PRICE…WOW!
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Facebook Inc. (FB), the biggest social- networking service, is buying the Instagram mobile photo-sharing application for about $1 billion in cash and stock, using its biggest acquisition yet to attract users of mobile devices.
The transaction is expected to close later this quarter, Menlo Park, California-based Facebook said today in a statement on its site. Facebook Chief Executive Officer Mark Zuckerberg also announced the deal on his Facebook profile page.
SOURCE: http://www.bloomberg.com