Instagram co-founders resign from social media company

Instagram co-founders resign from social media company

Instagram co-founders resign from social media company

"Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents", Zuckerberg said in a statement.

The photo-sharing behemoth today boasts more than 1bn users, up from 30m at the time Facebook bought it, but the co-founders' departure follows rumours of tensions between them and Facebook management, with key executives replaced by Facebook staff.

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

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

But Facebook is also keen to increase engagement with the core social network, which has seen growth plateau and certain subsets of users become increasingly disenfranchised.

Instagram has been a hit with young internet users, an audience that Facebook is keen to keep in its fold. They clearly want to build something new, but it "requires that we step back". The executives notified Facebook's management of their plans to leave the company on Monday, the Times report said citing unidentified sources.

John Lilly, a venture capitalist at Greylock, commented on the departure of the two Instagram co-founders stating, "what an impact they've had on all of us". By June of this year, that number reached 1 billion.

WhatsApp co-founders Brian Acton and Jan Koum resigned in 2017 and 2018 respectively, with Acton later calling on people to delete Facebook. The app recently introduced features aimed to compete with rival Snapchat, a rising threat to both Instagram and Facebook that has since been quieted. Less than two years later, Facebook acquired them for approximately $1 billion.

Instagram eventually caught the eye of Mark Zuckerberg, Facebook's chief executive, who realized how powerful Instagram's nascent photo-sharing network would become, and saw the wealth of photo-sharing activity across his own social network.

The company has started mentioning Instagram more frequently on its earnings calls and taking credit for its success. Menlo Park, California-based Facebook is still a drag on technology stocks, which overall have propelled the USA stock market to record highs. One distinction is that the WhatsApp disputes centered on the debate over whether to allow ads within the messaging service, which the co-founders had long opposed, whereas Instagram embraced ads early on. Its rapid growth and user engagement caught the eye of Facebook, which was on the lookout for any services that might threaten its dominance of the social network space.

At the time Instagram was free of advertising, with a loyal following of 31 million users. Instagram was a bright future for the company.

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