The social network has acquired the popular photo sharing platform.

Facebook is not waiting for its initial public offering to make its first big purchase.

The social network has acquired Instagram, the popular photo-sharing application, for about $1 billion in cash and stock, the company said Monday. In a Facebook post on a profile page, the company’s chief, Mark Zuckerberg said he planned to build Instragram independently from the social network. The move will allow users to post on other social networks, follow users not on Facebook, and to opt out of sharing on Facebook. New York Times

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