Instagram co-founders quit

Instagram co-founders quit

Instagram co-founders quit

"Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents", Zuckerberg said in a statement following the pair's departure.

Kevin Systrom and Mike Krieger, Instagram's CEO and CTO, respectively, have announced they will step down from the company in the near future, reports Bloomberg.

The co-founders of photo-sharing giant Instagram, Kevin Systrom and Mike Krieger, are both leaving the firm.

While Systrom writes that they "remain excited for the future of Instagram and Facebook in the coming years", there are widespread reports that internal clashing is what led to their decisions to depart. It was 2010 when Krieger and Systrom came to know each other.

Since then, the service has grown to more than 1 billion users and has added plenty of advertisements.

Instagram has become an increasingly important part of the Facebook empire at a time when Zuckerberg is grappling with a series of crises at the social network he built.

As a result of the incident, the United Kingdom government fined Facebook £500,000 (C$871,325).

He added: "Building new things requires that we step..."

Instagram co-founders quit
Instagram co-founders quit

Systrom, 34, and Krieger, 32, have not given a reason for the timing of their departures.

According to a Pew Research Center survey this year, 51 per cent of United States teens ages 13 to 17 use Facebook, compared with 72 per cent for Instagram and 69 per cent who are on Snapchat.

WhatsApp co-founders Brian Acton and Jan Koum resigned in 2017 and 2018 respectively, with Acton later calling on people to delete Facebook.

Instagram's two founders have sensationally quit Facebook.

Another source told TechCrunch Mosseri was disappointed he wasn't promoted to a high ranking post within the Facebook side of the business and his move to Instagram was "kind of a consolation prize". It is less crowded than the main Facebook app, and perceived to be a kinder social network.

The company has started mentioning Instagram more frequently on its earnings calls and taking credit for its success. Facebook bought Instagramin 2012 for roughly $1 billion in a combination of cash and stock.

Instagram's meteoric rise continued after the acquisition, dwarfing the stagnant growth rates of Snapchat and Facebook. Menlo Park, California-based Facebook is still a drag on technology stocks, which overall have propelled the US stock market to record highs. This is why the company is looking at Instagram to further fuel its growth which is massively popular among teenagers and youngsters.




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