Instagram Founders Leave Facebook
Trouble at Facebook headquarters!
Instagram's creators, Kevin Systrom and Mike Krieger, released a statement on Monday revealing they plan to leave parent company Facebook in the coming weeks.
Neither specified why they wanted to leave the social networking giant, but hinted that they might be working on something new. While Facebook does own the photo-sharing platform - arguably one of the most powerful social media platforms in the world - the founders of Instagram plan to move on to greener pastures.
“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.”
According to Bloomberg, Facebook and Instagram have shared different goals with Facebook placing a focus on corporate growth.
Tensions have also been rising after the Facebook stock price went down by 15%. In the past, Instagram has also contributed to 18% of Facebook’s overall revenue.
The decision by Instagram is considered an escape since Instagram continues to grow and does not need any added pressures.
“We’re not trying to relearn the same lessons,” said Krieger to the NYTimes.
So... will Instagram be leaving Facebook?
Facebook purchased Instagram in 2012 for $1bn (£760m) in cash and stock. This means the social networking giant owns the platform - and you can bet they won't be giving it up any time soon.
Even though Kevin Systrom and Mike Krieger will be making their departure from the company, the app stays with Facebook.
Do you think this will hurt Facebook? Let us know in the comments below.
Written by: Doa'a El Khouly