Instagram founders resign to explore "curiosity and creativity again"

Instagram founders resign to explore

Instagram founders resign to explore "curiosity and creativity again"

In a awful stretch that has seen Facebook struggle with various calamities ranging from foreign manipulation of the social-networking giant's platform during the 2016 Presidential election to the Cambridge Analytica scandal that rocked Facebook's stock and landed it in front of federal lawmakers this year, the defection of the founders of its most successful acquisition doesn't look good.

With roughly 1 billion monthly active users and growing, Waral calculated that Instagram will take in more than $10 billion in revenue over the next 12 months.

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

Instagram has largely escaped Facebook's high-profile problems over user privacy, foreign elections interference and fake news, even though it is not immune to any of these things (Facebook recently disclosed it has deleted hundreds of pages on its namesake site as well as Instagram that were linked to global misinformation campaigns meant to disrupt elections). Several features are now available across both the Facebook and Instagram platforms, including the Stories format-disappearing photos and videos-and their respective video sections, Instagram's IGTV and Facebook Watch. People still loved it, to a degree that they haven't loved Facebook for years now, if they ever did. Instagram, which now has more than one billion users, is a key driver of revenue for Facebook.

"In a sense, Facebook, which was once itself an upstart, has now become the establishment", said Stephen Allan, world-wide chairman and CEO of Mediacom, a media agency owned by ad giant WPP PLC.

Mr Koum's departure sparked an executive reshuffle that saw the tightening of Mr Zuckerberg's control over operations.

According to a Pew Research Center survey this year, 51 per cent of USA teens ages 13 to 17 use Facebook, compared with 72 per cent for Instagram and 69 per cent who are on Snapchat. If people go to Twitter to bicker over current events and to Facebook to see what old classmates are up to, Instagram is where they go to relax, scroll and feast their eyes.

Facebook's acquisition of Instagram for $1 billion remains one of the biggest steals in tech history. Now, we're ready for our next chapter. Instagram has also largely remained insulated from the issues plaguing its parent company, and it continues to grow.

It comes after months of chaos and scandals for Facebook. "In the near term, we expect Facebook shares to come under meaningful pressure from the departures".

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