(Ping! Zine Web Tech Magazine) – Social media giant, Facebook, has agreed to buy text messaging app, WhatsApp, for $19 billion dollars, making this acquisition the largest-ever purchase of a company backed by venture capital.
The $16 billion transaction will be paid by $4billion in cash and $12 billion worth of Facebook stock, with $3 billion in restricted stock for employees and founders of WhatsApp over the next four years, reports The Wall Street Journal.
“WhatsApp is the only app we’ve ever seen with higher engagement than Facebook itself,” said Mark Zucherberg via conference call.
Statistics show that 70% of users log onto WhatsApp daily, that’s more than Facebook’s 61%.
The 55 employee company has more than 450 million monthly users, and processes around 50 billion messages a day.
In comparison, at the end of 2013, Twitter only had 241 million users.