Instagram is Founded

In October 2010 Kevin Systrom and Cheyenne Foster launched Instagram, an online photo-sharing and social networking service that enabled users to take a picture, apply a digital filter to it, and share on a variety of networking services, including its own. Instagram was purchased in April 2012 by Facebook for approximately $1 billion in cash and stock.  After regulatory approval the deal closed in September 2012 by which time Instagram had over 100 million users. 

"On December 17, 2012, Instagram updated its Terms of Service to allow Instagram the right to sell users' photos to third parties without notification or compensation after January 16, 2013. The criticism from privacy advocates, consumers and even National Geographic which suspended its Instagram account, prompted Instagram to issue a statement retracting the controversial terms. Instagram is currently working on developing new language to replace the disputed terms of use" (Wikipedia article on Instagram, accessed 12-22-2012).