New Facebook produc after buying  WhatsApp in $16bn by @eliudprom ontwitter

Facebook is buying mobile messaging service WhatsApp for up to $19 billion in cash and stock in the firms biggest ever acquisition.

The world's biggest social networking company said that it is paying $12 billion in Facebook stock and $4 billion in cash for WhatsApp. 

In addition, the app's founders and employees will be granted $3 billion in restricted stock that will vest over four years after the deal closes.

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Facebook says it is keeping WhatsApp as a separate service, just as it did with Instagram, which it bought for about $715.3 million.

'The acquisition supports Facebook and WhatsApp's shared mission to bring more connectivity and utility to the world by delivering core internet services efficiently and affordably,' the social network said.Facebook says it is keeping WhatsApp as a separate service, just as it did with Instagram, which it bought for about $715.3 million.

WhatsApp has more than 450 million monthly active users. In comparison, Twitter had 241 million users at the end of 2014.

Facebook CEO Mark Zuckerberg says WhatsApp is on path to reach a billion users.

'The combination of WhatsApp and Facebook will allow us to connect many more people round the world,' Zuckerberg said.

'We want to develop more mobile experiences like Instagram and Messenger.

'WhatApp fits this vision perfectly, it has incredibly strong engagement and growth.'

'It's the only app we've ever seen that has grown more quickly than Facebook itself.'

'Their product roadmap is very exciting and won't change.

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WhatsApp's growth: The firm is adding 1m users a day

'This is an incredible moment for me,' Mr Koum said.

'Every day over 19bn messages are sent, with over 1m new users every day.

'We wanted it to be simple, and a better service than SMS.'

'We're excited and honoured to partner with Mark and Facebook as we continue to bring our product to more people around the world,'