Series of internal wranglings and disagreement has created a rift in Facebook’s Instagram.
Kevin Systrom and Mike Krieger, the two founders of Facebook’s photo-sharing app, Instagram are said to be planning to step down from the company.
According to a report from Bloomberg which quoted people familiar with the matter, the Instagram founders were said to be “frustrated with an unusual uptick in day-to-day involvement by Zuckerberg.”
Facebook paid $4 billion to acquire Instagram in 2012 after the photo-sharing app saw a surge in its popularity. The company now has about 1 billion active users with a growing influence within the Facebook Inc., group of companies.
Zuckerberg has confirmed their exit from the company when he was quoted saying “Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents,“I’ve learned a lot working with them for the past six years and have really enjoyed it.”
in a cryptic message confirming their exit, “We’re planning on taking some time off to explore our curiosity and creativity again,” Systrom said in a statement on the Instagram blog. “Building new things requires that we step back, understand what inspires us and match that with what the world needs; that’s what we plan to do.”
Facebook is a publicly-listed company which belongs to the elite group of tech stocks called the FAANG (Facebook, Apple, Amazon, Netflix and Google). Recent disappointing figures in the user base of Facebook itself has seen its stock price crashing beyond forecasts.