Facebook buying Instagram for $1B

Facebook Inc. announced in April that it was

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Facebook Inc. announced in April that it was acquiring photo-sharing app Instagram for about $1 billion. (April 9, 2012) (Credit: Getty Images)

Facebook is spending $1 billion to buy the photo-sharing company Instagram in the social network's largest acquisition ever.

Instagram lets people apply filters to photos they snap with their mobile devices and share them with friends and strangers. Some of the filters make the photos look as if they've been taken in the 1970s or on Polaroid cameras.

"This is an important milestone...

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