Due to falling stock prices, the deal is now worth less than the much-hyped $1B purchase price set in April — but Facebook’s acquisition of Instagram is officially complete. “We’re excited to bring Instagram to Facebook and see what we can create together,” the company says.
For its part, Instagram says its community “continues to grow, and over 5 billion photos have now been shared through Instagram.” The Instagram app and its features will “stay the same one you know and love.”
The deal was approved by the FTC and the California Department of Corporations, TechCrunch reports.
comScore later reported Instagram has more active daily users than Twitter.