Facbook buys Instagram for $1 Billion.

In what is termed as over-valued purchase Facebook has bought photo-sharing app Instagram for $1 Billion in cash and stock. Instagram with its user base of 30 million users was just last week valued at $500 million. This is one of the biggest acquisitions after Google bought YouTube for a similar amount.

Zynga to launch its own Portal.

CEO Mark Pincus announced that Zynga the social gaming company will launch it own independent platform. The company associated with facebook has planned to diversify.

The company thought it was not good for the company to tie its entire business to just one company, namely Facebook.

The new zynga portal which will be at zynga.com, will have its popular games such as farmville, castleville, etc. Plus it will also have other games from other social gaming platforms that it has partnership with.