Facebook To Buy Instagram For One Billion Dollars

NEW YORK, NY - APRIL 09:  In this photo illust...

NEW YORK, NY - APRIL 09: In this photo illustration, the photo-sharing app Instagram fan page is seen on the Facebook website on the Apple Safari web browser on April 9, 2012 in New York City. Facebook Inc. is acquiring photo-sharing app Instagram for approx. $1 billion. (Image credit: Getty Images via @daylife)

News emerged last night that social media giant Facebook was to acquire Instagram.

What made the story particularly newsworthy was the amount of money involved – $1 billion

So how is Instagram worth $1 billion?

I don’t know, but as several people pointed out last night, there will be plenty of articles to help us grapple with the concept over the next few days.

However I’ll have to be forgiven if I’m a little cynical about the valuation.

Remember this?

[youtube]http://youtu.be/I6IQ_FOCE6I[/youtube]

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