Monday, 22 October, 2018

Instagram’s co-founders are leaving Facebook

Instagram co-founders Kevin Systrom, Mike Krieger reportedly step down Instagram Co-founders Resign from Social Media Company
Kenneth Drake | 26 September, 2018, 11:40

The New York Times earlier reported Systrom and Krieger's departure.

In a surprise to Facebook execs and Instagram employees, CEO Kevin Systrom and CTO Mike Krieger - who founded Instagram six years ago - announced Monday that they will be leaving the company.

SAN FRANCISCO When Kevin Systrom and Mike Krieger sold Instagram to Facebook in 2012, the photo-sharing startup's fiercely loyal fans anxious about what would happen to their beloved app under the social media giant's wings. "We're now ready for our next chapter", Mr Systrom said. They clearly want to build something new, but it "requires that we step back".

Instagram cofounders Kevin Systrom and Mike Krieger have resigned from their posts as CEO and CTO.

"I've learned a lot working with them for the past six years and have really enjoyed it", he said. But some who were "familiar with the matter" told Bloomberg that the Instagram founders are leaving because of disagreements with Zuckerberg. The Facebook boss has become more reliant on the photo-sharing company in planning for Facebook's future, according to the report.

Instagram has been a key part of the Facebook empire as younger users shun the original social network and move into different applications.

Facebook recently deleted hundreds of pages on its site and Instagram that were linked to global misinformation campaigns meant to disrupt elections.

Instagram has contributed 1 billion monthly active users to Facebook's social media footprint but has been criticized for resembling Snap's (SNAP) Snapchat app.


Facebook has been pivoting Instagram to incorporate other revenue streams besides just advertisements, rolling out shopping in its Stories feature, alongside a new dedicated shopping channel in the "Explore" area.

J.P. Morgan analyst Doug Anmuth commented on the sudden departure saying: "We believe their departure comes as a surprise given Instagram's success and its growing importance within Facebook".

The share of revenue that Instagram contributes to Facebook is set to rise from about 10% to 16%, year-over-year, according eMarketer.

The two had clashed with Zuckerberg in recent months, the person said.

The news site TechCrunch said Systrom and Krieger believed Facebook was not living up to its pledge of allowing autonomy at Instagram when the app was acquired in 2012.

The social network spent $19bn on the chat app in 2014, and Instagram's co-founder is said to have become concerned that he had sold out too soon. At the time, it was by far Facebook's largest acquisition (although it was dwarfed by the $19 billion Zuckerberg paid for WhatsApp two years later).

Instagram had about 30 million users in 2012, the year it was purchased by Facebook for what appeared to be an eye-watering $1bn.

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