Co-founders of Facebook Inc's Instagram, Kevin Systrom and Mike Krieger, have resigned as the chief executive officer and chief technical officer, respectively, and plan to leave the photo-sharing app company in coming weeks, the New York Times reported late on Monday.
They have notified the photo-sharing app's leadership team and Facebook on Monday about their decision to leave, the newspaper reported https://nyti.ms/2xBdQ3w, citing people with direct knowledge of the matter.
Instagram, which Facebook bought in 2012 for $1 billion, has more than 1 billion active monthly users and has grown by adding features like messaging and short videos. In 2016, it added the ability to post slideshows that disappear in 24 hours, a copy of Snapchat's popular "stories" feature.
Instagram is its parent's fastest-growing slice of revenue, but it touts 4 million fewer monthly advertisers globally. As Instagram has shown more ads, the average price per ad across Facebook's entire family of apps has declined earlier this year after a year of an upswing. A new privacy law in Europe also has affected prices.