Things were shaken up at Facebook Inc. (NASDAQ: FB) on Tuesday after it was announced that the co-founders of Instagram, Kevin Systrom and Mike Krieger, would be leaving the company after eight years at Instagram, the past six as part of Facebook.
Some analysts believe that the departure of Systrom and Krieger may have been the result of friction with CEO Mark Zuckerberg over how Facebook’s fastest-growing revenue generator is run.
Ultimately, these departures are a notable negative for the social media giant. This sudden loss of the pair comes after departures of WhatsApp co-founders Jan Koum and Brian Acton and a reshuffling of Facebook’s executive ranks earlier this year.
A Bloomberg report said Systrom and Krieger had been frustrated by a rise in the day-to-day involvement of Zuckerberg, who has become more reliant on Instagram in planning for Facebook’s future.
Systrom, co-founder and CEO of Instagram, issued a statement:
Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team. 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.
We’re planning on leaving Instagram 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.
Shares of Facebook were last seen trading at $165.26, with a consensus analyst price target of $210.06 and a 52-week range of $149.02 to $218.62.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
