Instagram, the popular photo-sharing network acquired by Facebook in April of 2012 for $1 billion was this morning valued at $35 billion by Citigroup, raising its value from its previous $19 billion valuation.
Also, the social network recently announced its current user base to have surpassed 300 million active users, and was taking steps towards cleaning up inactive and spam accounts. At the time Facebook acquired Instagram, the network only had around 27 million users on iOS but had over a million downloads on the first day of launching on Android. Instagram is currently reported to have more active users than Twitter.
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