Home » Money

Instagram co-founders step down 6 years after sale to Facebook

26 September, 2018, 19:15 | Author: Shawna Walton
  • Instagram founders Mike Krieger and Kevin Systrom have reportedly resigned from the Facebook-owned app.                  James Martin  CNET

Systrom and Krieger gave no reason for their departure, but multiple reports suggested they were growing frictions between the founders and Facebook chief Mark Zuckerberg.

Facebook acquired Instagram in April 2012 for a reported $1 billion.

Facebook's increasingly heavy-handed influence over its acquisition has frustrated Instagram's team, especially Krieger and Systrom.

Instagram cofounders Mike Krieger and Kevin Systrom.

Kevin and Mike made this known on their Instagram pages, releasing the same statement on their platforms. "I've learned a lot working with them for the past six years and have really enjoyed it". "I wish them all the best and I'm looking forward to seeing what they build next", Zuckerberg said.

The two were inspired to create the Instagram app - originally launched just for iPhones in 2010 - by old Polaroid pictures.

"We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion", he continued.

The defections are part of an all-too familiar script at Facebook, of late.

And Facebook just isn't as cool as some of its younger rivals. Its popular Stories feature - which lets users post photos and videos that disappear after 24 hours - is used by more than 400 million people every day, up from 250 million one year ago.

But Zuckerberg's restraint appears to have waned. Brian Acton, WhatsApp's other co-founder, had already left the previous September. It's fair to say that Instagram could have died as a little start-up in Facebook's long shadow, and it definitely benefited from the discipline, infrastructure and advertising sales machine that it accessed as a semi-autonomous region inside of mother Facebook. 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. Facebook CFO Dave Wehner said "Instagram is growing more quickly and making an increasing contribution to growth, and we've been pleased with how Instagram is growing". Facebook's main app has been marred by scandals around privacy, the Cambridge Analytica issue, and the spread of fake news.

Facebook also needs Instagram financially.

On the news that WhatsApp cofounder Jan Koum was leaving Facebook earlier this year, sources told The Washington Post that a power struggle was partially responsible for the departure.

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".

Recommended:



Popular

S. Korea's Moon arrives in New York for Trump summit, UN meeting
Rouhani earlier said that as a precondition for any dialogue, Trump would need to fix the damage done by exiting the nuclear deal. The US President said that Tehran's leaders "do not respect their neighbours or borders or the sovereign rights of nations".

The Aadhaar verdict simplified
The apex court announced the verdict on a number of pleas challenging the constitutional validity of Aadhaar and its enabling Act. So as per the court's verdict, private entities can not use Aadhaar information to authenticate the identity of the person.

Efficient Pliskova pummels ‘tired’ Osaka to win Tokyo crown
The Czech was soon a set to the good after unleashing another brutal drive, Osaka caught flat-footed and dumping it into the net. Naomi Osaka's winning streak ends at 10, including seven matches at the US Open that she won earlier this month.

Rod Rosenstein Headed To White House, Expected To Resign As Deputy AG
He dispatched his former bodyguard to fire former FBI Director James Comey - though Comey was out of town. Rosenstein, a Republican and career Justice Department official who had served under presidents George W.

Here’s where Tropical Storm Kirk is Sunday and where it’s going
The storm has winds of 40 miles per hour with some higher gusts. 745 km south-southeast of the southernmost Cabo Verde Islands. Residents are being told to "be prepared to take action in the event that they develop and pose a threat to the territory".

Chelsea drop first points of season in draw at West Ham
I see Declan working every day and I know the way he does it. After seven matches it is hard in March and April, not now.

Iran says military parade attackers trained by two Gulf states
An anti-government Arab group, the Ahvaz National Resistance, was reported to have claimed responsibility for the attack. State television immediately described the assailants as " takfiri gunmen", a term previously used to describe the Isis.

Mourinho to ration Dalot appearances for Manchester United
The Centre-back hasn't featured for Manchester United this term. "We have to give our best if we want to take points from them". Jose Mourinho expects this to be a "very hard season" despite Manchester United becoming a better, more attractive side.

China, Russia warn U.S. of consequences over sanctions
The State Department also announced it was placing 33 Russian intelligence and military-linked actors on its sanctions blacklist. Security analysts in Asia said the move was largely symbolic and would only push Moscow and Beijing closer together.

Unclear whether Kavanaugh accuser will testify in Senate
They have not announced if they'll honor her request to be interviewed by senators and not a special counsel. Dr Ford has yet to give her full account in public and said the FBI should investigate her claim.