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Facebook to buy Instagram for $1 billion

Photo by Cris via Flickr Creative Commons

Things are about to get square -- Facebook announced it will be buying Instagram for $1 billion in cash and stock, reports Business Insider.

The mobile-only photo app grew from 1 million users in January 2011, to 15 million in December 2011, to 30 million users today, they say.

Mark Zuckerberg just announced the news on Facebook saying "I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook."

More angles as they develop.