Facebook receives green light for Instagram acquisitionFacebook, one of the largest social media sites in the world, recently received approval from the U.S. Federal Trade Commission to acquire the mobile photo-sharing service Instagram.

The social media giant received the clearance following the U.K. Office of Fair Trading clearing the deal. After receiving the FTC's clearance, Facebook now does not have any antitrust reviews that are pending on the proposal.

"We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook," wrote founder and CEO Mark Zuckerberg in a statement while announcing the proposed acquisition.

Facebook announced that it would be purchasing Instagram for $1 billion in cash and stock in April and recently cleared up that statement, saying it would pay $300 million in cash and an estimated 23 million shares of its common stock, which could result in cost savings for Facebook.

Instagram recently reached the 50 million users plateau, which the company climbed toward at a rapid pace.
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