How much facebook bought instagram

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The Federal Trade Commission accused the social media giant of illegal monopolization as it looks to reverse the high-profile acquisition, a deal that the FTC voted in favor of back when it was first announced. In light of these recent events, here's a quick look at when Facebook acquired Instagram, and how much the company paid for the photo-sharing app.

Even though the Facebook-Instagram merger is now under the spotlight, this is not the first time this year that the company has faced scrutiny for its Instagram purchase. Facebook CEO Mark Zuckerburg encountered backlash over the same issue months ago , due to a series of emails that were unearthed suggesting that the merger was completed with the intent of consolidating the competition before it became a potential threat. Facebook announced and finalized the deal back in While the Facebook CEO's public statement from eight years ago gave the impression the company's expansion days were over, what happened afterwards didn't exactly marry with that idea.

Among those shocked by the news was Dirk Stoop, who was the product manager in charge of Facebook's Photos products and leading development of the Camera app. Stoop found out about the Instagram acquisition that Monday when his wife told him the news while he was in the shower, according to a colleague he told.

Facebook went public a little more than a month later, and a few days after the IPO, the company released the Camera app it had worked on for months. Camera was a neat app, but with Instagram now on its side, Facebook simply did not need it. If Facebook was able to pivot and become successful on mobile devices, that'd be great, but if not, Zuckerberg at least wanted another horse in that race, one of the sources said. And that was Instagram. Since then, Facebook's Instagram acquisition has been a stellar success -- so much so that many within Facebook started to feel that the photo-sharing app siphoned growth away from the core Facebook app, according to reports from Wired and The Information.

When Zuckerberg spoke with analysts on the Facebook earnings call in July , he took credit for Instagram's accomplishment of amassing 1 billion users, saying "We believe Instagram has been able to use Facebook's infrastructure to grow more than twice as quickly as it would have on its own.

After the call, Zuckerberg reportedly told Systrom he would be removing the various ways the core Facebook app funneled growth to Instagram, prompting Systrom to send out a memo to employees informing them of the changes, which he disagreed with. Skip Navigation. Key Points. Multiple former Facebook employees with knowledge of the Instagram acquisition tell CNBC that the company did not purchase the mobile app out of anti-competitive reasons.

VIDEO Facebook declined to comment for this article. Instagram was arguably the best acquisition in the history of tech, say NYU professor. Two months later on Sept.