Facebook's (NASDAQ:FB) Instagram unveiled a new private picture-sharing feature on Thursday that gives Snapchat its first real taste of competition.The upgrade, available immediately through an update on both Google Play (NASDAQ:GOOG) and Apple's (NASDAQ:AAPL) App Store, allows Instagram users to privately share pictures with up to 15 people. The move comes a week after picture sharing service Snapchat nabbed Instagram executive Emily White as its new chief operating officer, legitimizing rumors of a Snapchat IPO and reports that it turned down a $3 billion buyout offe r from Facebook.The business models of Instagram and Snapchat previously diverged, with Snapchat allowing users to send pictures to specific people that only last a few seconds before disappearing and Instagram previously only allowing users to share pictures with their entire follower base on a news-feed-like platform. The upgrade personalizes Instagram, likening the two services. "There are moments in our lives that w...
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