... A Billion There

Meanwhile, Facebook announced its own acquisition, getting photo sharing site Instagram for $1 billion. GigaOM reports that it's the biggest deal ever for Facebook – as well as the most money ever paid for an app. The previous record for app acquisitions is just a fraction of that amount: Zynga's purchase of OMGPOP and Apple's purchase of Siri. This is great news for recent investors - Instragram recently finished a $500,000,000 round of funding.