Facebook is a social media and social networking service company founded in 2004 by Mark Zuckerberg, Chris Hughes, Andrew McCollum, Dustin Moskovitz, Eduardo Saverin, Lee Linden and Ankur Pansari.
On April 9, 2012 Facebook acquired Instagram, a social media company focused on sharing user photos, for $1 billion in a combination of Facebook stock and cash. At the time Facebook acquired Instagram, Instagram had approximately 30 million active users making Instagram the largest purchase ever made by Facebook in terms of both active audience size and price. Mark Zuckerberg, the CEO and co-founder of Facebook, made the following statement regarding his decision to purchase Instagram:
We don't plan on doing many more of these, if any at all, but providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.