Facebook Acquires Photo-Sharing Service Instagram for $1 Billion

Facebook announced Monday that it will acquire the popular photo-sharing app Instagram for $1 billion in cash and stock.

The app for quickly editing photos was only launched 18 months ago, but already has 50 million registered users.

Google and Facebook both have tried several times in the past to buy Instagram as it´s far more popular for sharing photos than either of Facebook or Google´s own social apps.