We all know the story, we saw the movie, and we log in countless times each day. Spawned from a Harvard University dorm room, Facebook hit the ground running. Expanding its reach past the Eastern colleges, into high schools, the workplace, and most recently, into nursing homes. Even grandma has a facebook, for better or for worse.
According to the Wall Street Journal‘s Paul Vigna:
Facebook is the whiz kid du jour, the company that’s so hot, so in demand, it can do no wrong. Give its founder Mark Zuckerburg some credit, he’s seemingly resisted the lure of cashing in until now. Its IPO is so salivated over, assigning anything remotely like a genuine “fair value” will be impossible. The company hasn’t even gone public yet, but it’s already got the aura that AOL once had. And thanks to facebook’s riches, America’s got two new rich kids today to fawn over, Mike Krieger and Kevin Systrom, the pair behind Instagram.
In early April, Facebook bought Instagram for $1 billion. According to Evelyn M Rusli from the New York Times, Mark Zuckerburg described the deal as an “important milestone” for his company. He said this exemplifies how important mobile features are to Facebook.
“We don’t plan on doing many more of these, if any at all,” Mr. Zuckerberg said, referring to big acquisitions. “But providing the best photo sharing experience is one reason why so many people love Facebook, and we knew it would be worth bringing these two companies together.”
With increasing users, booming profits, and an expanding company, Facebook isn’t slowing down. So go ahead, log on and jump back onto the largest social networking site. Hey, your supporting American business.