Posted March 16, 2020 09:01:49In a blockbuster acquisition, Facebook has bought messaging app messaging app Whatsapp for $21 billion.
The deal, announced today by the company’s board of directors, includes WhatsApp’s core business of messaging, photo and video sharing and video editing.
WhatsApp has about 10 million monthly active users, and it recently added a “video chat” feature that lets users share photos and videos directly to their WhatsApp accounts.
The acquisition is expected to close in the second quarter of 2020, according to Reuters, which first reported the news.
Whatsapp’s stock fell more than 4% to $19.77 at the time of writing.
Whatson said in a blog post today that it has “always been about the people, and about creating a world where every member of society has the opportunity to connect with a friend and share the best things.”
The acquisition comes as Facebook struggles to rein in the number of fake news stories appearing in the social network’s news feed.
In December, Facebook began requiring publishers to publish verification information on their articles in a bid to combat fake news.
In February, Facebook announced it would remove all posts that contained false information.
Last month, Zuckerberg also said Facebook is working on a new feature that will let users see what other people are saying about them.
The feature is not expected to be ready before the end of the year.