Posted: 9 Apr 2012 12:13 PM CDT
In a major app industry development, Facebook has just announced that it will acquire the leading photo sharing app Instagram for approximately $1 billion in cash and shares. Launched in late 2010, Instagram has nearly 30 million registered iOS users. Last week, the company also finally released its Android app. Stay tuned for more developments here. In the meantime, here is Facebook's press release. MENLO PARK, CALIF.