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Today’s news is somewhat disturbing for Instagram lovers such as me and several tens of thousands of others who have loved the app for its simplicity and ability to snap a photo on the run via iPhone and upload while also sharing with connections on Twitter and Facebook in addition to the Instagram stream.

Facebook was apparently already under development with its new Camera photo sharing mobile app, set for launch later today, when it agreed to acquire Instagram for $300 million in cash and 23 million shares (that’s $1 billion). That private bedroom deal made CEO to CEO was quick, quiet and involved few others. It made Instagram founders gazillionaires, too.