Earlier today, Mark Zuckerberg announced via his Facebook profile (obviously) that the social media site has acquired Instagram, the social photo-sharing app that lets its users play around with fun colors, saturation and vintage-y settings.  Thought to be a major threat to Facebook given its supremacy when it comes to sharing photos via your smart phone, Instagram is reportedly receiving a cool $1 billion in cash and stock from Zuckerberg & Co.

Of the decision, Zuckerberg wrote:

This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users. We don't plan on doing many more of these, if any at all. 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.

Zuckerberg also mentioned in his post that Facebook aims to maintain the integrity of Instagram's 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." 

All we know is that the 17 lucky employees and investors at Instagram should treat themselves to a nice dinner tonight -- they can afford it.