Be the first to like this
Recently, Facebook (NASDAQ: FB) accomplished its long awaited initial public offering ($38 per share) raising almost $16 billion. The Facebook IPO came at a time of global economic turmoil but it survived despite the obstacle of poor timing. Facebook also bought Instagram for $300 million cash and 23 million in Facebook stock. Instagram is a mobile photo and video social media networking application that allows users to share visual content instantly on Facebook, Twitter, Google+, Tumblr, Flickr, LinkedIn and Foursquare. To cap off the weekend, in a back yard wedding, Facebook founder, Mark Zuckerberg married his long time college sweet heart, Doctor Priscilla Chan.
Looking at all the work ahead for Facebook to reinvent itself, I believe the purchase of Instagram by Facebook provides a solution to build out social media photo and video content mobile apps which had been lacking says James Rickman III, Director of iHuman Evolution.