Facebook announced Monday that it will acquire the photo-sharing software company Instagram for the sum of $1 billion.

The announcement was met with a flurry of responses on social media, including hundreds of photos on Instagram and tens of thousands of shares and likes of the original post by Facebook CEO Mark Zuckerberg.

View Photo Gallery: In seven years, Facebook has grown from a project hatched in a college dorm to the largest social networking site in the world, well on its way to hitting its goal of having 1 billion users.

Read reactions of social media users, plus official statements from both Facebook and Instagram: