(MSNBC) If a picture is worth a thousand words, a website with a boatload of pictures is now worth $1 billion.
That is the price Facebook agreed to pay for Instagram, a less-than two-year-old company that makes a wildly popular mobile photography application.
"I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook," Facebook's head honcho Mark Zuckerberg said in a posting on Facebook (where else?) Monday.
Advertisement - story continues below