Facebook is buying cross-platform mobile messaging company, WhatsApp for $16 billion in cash and stock. WhatsApp allows people to send text and video messages across Android and iOS devices globally, free of charge. WhatsApp has over 450 million active monthly users and the company says 70-percent of them use the service daily. WhatsApp says it is currently adding 1 million new registered users a day. Facebook will grant an additional $3 billion in restricted stock units to WhatsApp's founders and employees that will vest over four years after the deal closes. TheStreet's Ruben Ramirez has details from Wall Street.

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