Instagram co-founders resign, CEO Kevin Systrom says will ‘take time off’

Instagram co-founders resign, CEO Kevin Systrom says will ‘take time off’

Instagram co-founders resign, CEO Kevin Systrom says will ‘take time off’

Some of the more recent issues affecting the Facebook in recent years include the Cambridge Analytica scandal and the company's failing to prevent Russian entities from spreading propaganda on its service prior to the 2016 US presidential election. "We're now ready for our next chapter", Mr Systrom said.

The departures at Facebook's fastest-growing revenue generator come just months after the exit of Jan Koum, co-founder of Facebook-owned messaging app WhatsApp, leaving the social network without the developers behind two of its biggest services.

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

Technology stocks have propelled the US stock market to record highs in recent years, with FAANG shares (for Facebook, Apple, Amazon, Netflix and Google) soaring about 58 percent last year.

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

Naturally, it's an incredibly valuable part of Facebook's business. "I've learned a lot working with them for the past six years and have really enjoyed it".

"Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team", Systrom said.

Mr Systrom and Mr Krieger have known each other since 2010, when they met and transformed a software project built by Mr Systrom into what eventually became Instagram, which now has more than one billion users. Since then, the service has grown to more than 1 billion users and has of course added plenty of advertisements.

Instagram in June announced it passed a billion active users, and unveiled a new long-form video feature in a bid to attract "creators" like those on YouTube.

Increased advertising on Instagram has seen the average price-per-ad across Facebook's apps decline this year after a year of an upswing. "That's what we plan to do", Systrom wrote.

Instagram has largely escaped Facebook's high profile problems with privacy, foreign election interference and fake news and has been able to maintain a younger user base than its parent company.

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