Business

Instagram's Co-Founders resigned from Facebook

The Co-founders and current chief executive officer and chief technical officer of Instagram, Kevin Systrom and Mike Krieger, respectively have announced their resignation and revealed their plans of leaving the photo-sharing app in the coming weeks, they notified this to the leadership team of Instagram and Facebook late on Monday, as reported by the New York Times.
Krieger and Systrom did not disclose the exact reasons for their sudden departure, however, it is said by both that they are planning on taking some time off to explore their creativity and curiosity once again.
The Instagram spokesmen did not have an immediate comment for this announcement. Facebook was also not immediately available to comment as it was outside regular business hours.
Instagram was founded by Krieger and Systrom in 2010. Systrom posted the first photo on Instagram on July 16, 2010, and the IOS app of Instagram was released on October 6, 2010, through the App Store.
Instagram was sold in 2012 to Facebook for $1 billion and both the co-founders stayed as leading roles in the company. After brought in by Facebook, Instagram has more than a billion active monthly users and was grown by adding new features of short videos and messaging to it. The slideshows posts that disappear after 24 hours were added in 2016, which was a copy of Snapchat’s stories feature.
The prospective departure of both the co-founders is considered to be a bad news and a big loss in recent months. As in July, Facebook market cap dropped by $120 billion in a single day and the revenue did not cop up to expectations.
In Addition to this, Facebook is facing repeated criticisms due to its handling of user data, the spreading and prevalence of fake and false news other extreme materials. Also, the company is interfered and manipulated by foreign governments and Cambridge Analytics Data Scandal, which was even admitted by Mark Zuckerberg as a major violation of trust.
Facebook also purchased the messaging app ‘WhatsApp’ for $19.3 billion in 2014. In April, The co-founder of WhatsApp, Jan Korum left company’s board over reports as he had become disenchanted with Facebook’s use of personal data. Whatsapp co-founder, Brian Action also tweeted about Facebook, where he used hashtag #DeleteFacebook.
The departure of Instagram’s co-founder happened months after the departure of Action and Koum. It is not cleared if they both have any of the same misgivings about Facebook as Action and Koum had.

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