Blow to Facebook as Instagram co-founders quit

Instagram co-founders Kevin Systrom, Mike Krieger reportedly step down

CEO Mark Zuckerberg said in a statement that Instagram reflected the founders' "combined creative talents".

The pair are reportedly annoyed by the way Zuckerberg, who used to treat Instagram as a separate entity to Facebook, has become more and more involved in the day-to-day running of the photo-sharing app.

The co-founders didn't reveal any specifics about their future plans other than the fact that they intend on taking some time off to explore their "curiosity and creativity again".

What are Systrom's and Krieger's future plans?

Presently, Instagram has over 1 billion users.

Analysts noted that Instagram has been increasingly operated as a unit of Facebook as the social network grows, with Instagram becoming more appealing to teens and young adults. This includes the company's COO Marne Levine who went back to her previous role of leading partnerships at Facebook and Nicole Jackson Colaco, Instagram's director of public policy.

The departure of Kevin Systrom, chief executive, and Mike Krieger, chief technical officer, leaves the social network without key developers at its fastest-growing generator of revenue.

They have notified the photo-sharing app's leadership team and Facebook on Monday about their decision to leave, the newspaper reported https://nyti.ms/2xBdQ3w, citing people with direct knowledge of the matter.

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A spokeswoman for Facebook, which owns Instagram, did not immediately have a comment. A Bloomberg Intelligence analysis in June said Instagram is worth more than $100 billion. Some inside Instagram feel as though Facebook is failing to promote Instagram's growth or even actively hindering it, Recode's sources said. Its remaining co-founder and chief executive, Jan Koum, quit the company in May, saying it was "time to move on".

Instagram was bought by Facebook in 2012 for $715 million.

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

Facebook's Adam Mosseri might lead Instagram now, though Facebook is yet to make an announcement about the same. Menlo Park, California-based Facebook is still a drag on technology stocks, which overall have propelled the USA stock market to record highs.

He had been concerned about the parent company's treatment of user data.

At the time Instagram was free of advertising, with a loyal following of 31 million users. "Now eight years we look back and are proud and grateful to have been part of that journey".

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