Instagram co-founders step down from company

Ann Santiago
September 26, 2018

"We're planning on taking some time off to explore our curiosity and creativity again", the co-founders of Instagram wrote in a blog post.

Representatives for Instagram and Facebook didn't immediately respond to after-hours messages from The Associated Press. Facebook, which is running out of people in the world to add to its product, has become increasingly reliant on the photo-sharing app for its future.

There are reports that Mr Systrom had sought to maintain Instagram's independence and that this trickled down to make staff on Facebook and Instagram less inclined to be collaborative.

Facebook acquired Instagram in April 2012 for a combination of cash and stock worth some $1 billion at the time.

At the time, Zuckerberg confirmed that Instagram would continue to develop as a standalone service and exist independently, but it seems that wasn't enough to keep Krieger and Systrom on board.

"I'm looking forward to seeing what they build next", he said in a statement.

Kevin Systrom, left, and Mike Krieger, Instagram's co-founders, in their headquarters in Menlo Park, Calif., March 24, 2017. Facebook users also have been flocking to Instagram as an escape, exhausted of the political bickering and privacy scandals that plague the parent company. Market-research firm eMarketer estimates Instagram's world-wide ad revenue will grow 110% this year to nearly $9 billion.

Within two months Instagram had a million registered users, and 10 million by the end of the first year.

Years earlier, Koum said he would take a stand against Facebook if the company's push to increase profits demanded radical changes in the way Whatsapp operates.

Facebook's Instagram purchase was a relative bargain compared with WhatsApp. Some inside Instagram feel as though Facebook is failing to promote Instagram's growth or even actively hindering it, Recode's sources said.

The co-founders of the social media giant Instagram are reportedly leaving the photo-sharing app, six years after selling it to Facebook for $1bn (£760m).

On Facebook's second-quarter earnings call, Chief Executive Mark Zuckerberg said, "We believe Instagram has been able to use Facebook's infrastructure to grow more than twice as quickly as it would have on its own". Instagram was a bright future for the company.

Facebook stock was nearly 2% lower in pre-market trading. Facebook recently disclosed that it had deleted hundreds of pages across Instagram and its main social network linked to global misinformation campaigns meant to disrupt elections.

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