Silicon success hits Instagram as Facebook shells out $1 billion to buy it

It's a sign of the times.

Mark Zuckerberg announced that Facebook has purchased photo app Instagram for $1 billion. The 13-person team at Instagram has not been able to generate revenue but was able to build a strong base of 30 million users.

Facebook has done poorly at developing their own mobile technology with the Facebook iPad app having not been released until after the iPad 2. Here's the report from the Wall Street Journal:

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