Facebook Buys Instagram for $1 Billion

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A report that Instagram's user numbers were plummeting spooked Facebook investors so badly that the stock dropped 3 percent this morning.

The acquisition broadens the social network's business and keeps a potential rival out of a competitor's clutches.SAN FRANCISCO — In its biggest acquisition, Facebook is paying $1 billion for the hugely popular Instagram mobile photo-sharing app maker in a move that broadens its business and absorbs a potential rival.

Facebook buys Instagram for one billion. With 15 million users, Instagram is growing wildly because it has made mobile photo sharing not only easy, but fun. The app played well with Twitter and Facebook.??Mashable reported last November that Instagram had only 12 percent of the photo sharing pie on Twitter, but that was before they ...