In a statement made yesterday, Mark said, "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.
Facebook, whose stock is expected to start trading in May, will run Instagram as an independent company. Not much will change with the service. Consumers will still be able to run it on rival social networks such as Twitter."
Instagram an iPhone/Android application enables people apply filters to photos they snap with their mobile devices and share them with friends.
Owned by 27 year-old Kevin, the company which was founded in 2010 is expected to close by the end of June.