Facebook shares news: Instagram founders part ways with social media platform

Facebook shares closed higher Monday ahead of news that the co-founders of Instagram - which Facebook bought in 2012 - are leaving their roles running the photo sharing platform.

Facebook shares news: Instagram founders part ways with social media platform

Facebook shares closed higher in the US Monday, ahead of confirmation that evening that the co-founders of Instagram, which was purchased by Mark Zuckerberg’s platform in 2012, will be leaving the tech giant. Kevin Systrom and Mike Krieger, said they are “ready for our next chapter”.

Facebook shares ended the US Monday trading session 1.52% higher at $165.41. The stock, however, is currently lower in out-of-hours activity.

Facebook loses Instagram founders

The departure of Instagram’s co-founders, reportedly came as a bit of a surprise for Facebook. It’s suggested that they only told Facebook on Monday, before posting their goodbye blog later on the same day.

It’s also likely that rumours of a difficult relationship between Systrom and Krieger and the Facebook leadership team, aren’t too wide of the mark, as the goodbye blog post attests.

“Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team,” Systrom wrote in the post.

“We’ve grown from 13 people to over a thousand with offices around the world, all while building products used and loved by a community of over one billion. We’re now ready for our next chapter,” he said.

“We’re planning on taking some time off to explore our curiosity and creativity again. 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,” system added.

There was no mention at all of Mark Zuckerberg of Sheryl Sandberg and no specific thanks to the owners of the photo sharing platform.

Zuckerberg’s brief statement

Facebook CEO Zuckerberg, meanwhile, shared a brief statement on the departure, in which he praised the founder’s “creative talents”.

“I've learned a lot working with them for the past six years and have really enjoyed it,” Zuckerberg said, adding: “I'm looking forward to seeing what they build next.”

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