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April 10th, 2012
10:09 PM ET

Facebook snaps up Instagram

Last week, when Instagram was valued at $500 million, people scoffed.

It's just a simple photo sharing app with only 30 million users and no real business model. How can that be worth $500 million?

Turns out that they were right. It's worth $1 billion instead.

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Filed under: General • Social networking • Technology
soundoff (One Response)
  1. bipolarbearman

    Companies are just crazy with what they are paying nowadays. Hotmail may have been worth half a billion, but a picture sharing site? Come on.

    July 29, 2012 at 4:17 am | Reply

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