Instagram co-founders Kevin Systrom, Mike Krieger resign
San Francisco: Instagram co-founders Kevin Systrom and Mike Krieger, late on Monday announced their resignation from the social media company, which is owned by Facebook Inc.
Although, the reason behind their resignation is not known but reports claimed that their departure might be due to tensions with Facebook founder Mark Zuckerberg.
While, Systrom is the chief executive officer, Krieger is chief technical officer of the company. The duo had founded the photo-sharing app in 2010, and later sold it to Facebook in 2012 for a whopping amount of USD 1 billion.
Systrom, the CEO of the company, said he and Krieger were looking forward to “taking some time off to explore curiosity and creativity again”. He said they were grateful for “the last eight years at Instagram and six years with the Facebook team”.
On the other hand, Zuckerberg issued a public statement about the departure saying he had “really enjoyed” working with Systrom and Krieger.
Instagram has seen explosive growth since its founding, with an estimated 1 billion monthly users and 2 million advertisers. In 2016, it added the ability to post slideshows that disappear in 24 hours, a copy of Snapchat’s popular “stories” feature.
Instagram is its parent company’s fastest-growing slice of revenue, but it touts 4 million fewer monthly advertisers globally. As Instagram has shown more ads, the average price per ad across Facebook’s entire family of apps has declined earlier this year after a year of upswing.