Instagram co-founders leaving the photo-sharing app

Instagram co-founders leaving the photo-sharing app


Instagram, owned by Facebook Inc, recently announced that its chief executive officer Kevin Systrom and chief technical officer Mike Krieger have decided to leave the company. The co-founders of the photo-sharing app didn’t specify any reason for the move.

The latest departures follow the exit of WhatsApp’s co-founder Jan Koum in May. WhatsApp’s is also owned by the Menlo Park, California-based social network giant. The aforesaid said departures have left Facebook without the creators behind its two biggest services.

The latest announcement also come at a time when Facebook is under heavy criticism over how it is protecting user data and controlling spread of false information.

Systrom stated in a blog post on Monday that he and Krieger have decided to take time off and discover their curiosity and creativity again.

Facebook CEO Mark Zuckerberg reportedly had many conflicts with the two over the directions of Instagram. However, Zuckerberg described both as extraordinary product leaders. In a statement, he said that he has learned a lot of things while working with them.

Zuckerberg added that he is looking forward to seeing what they develop next. The recent departures have increased Zuckerberg’s influence on day-to-day operations. His ally Chris Cox has gained oversight of Instagram and WhatsApp, which were previously independent when Facebook acquired them. Cox is also the head of product development at Facebook.

Instagram said that Systrom and Krieger have notified the company’s management and Facebook about their departure. The world’s biggest social network acquired Instagram back in 2012 in a deal valued at $1 billion. The photo-sharing app has more than 1 billion monthly users. Instagram’s global revenue is expected to surpass $8 billion this year, according to research firm EMarketer.

Previous articleNike shares down despite beating analysts’ expectations for the first quarter
Next articleTech heavyweights Drag U.S. stocks lower
I am a lecturer at the University of Economics in Bratislava, department of Banking and International Finance. I have a Ph.D. academic degree, my dissertation was focused on major markets. Commodities and stock markets are also the main focus of my research and publication activities. I have approximately 10 years of investing experiences. My investments mostly focus on small- to mid-cap companies of energy sector, financial and technology.