Instagram founders leave Facebook after clashing with Zuckerberg [MSN Money]
Meta Platforms, Inc. - Class A (FB)
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Source: MSN Money
The founders of Instagram are leaving Facebook after growing tensions with CEO Mark Zuckerberg over the direction of the photo-sharing app, people familiar with the matter said. Kevin Systrom and Mike Krieger, who have been at the company since Instagram’s acquisition by Facebook in 2012, had been able to keep the brand and product independent while relying on Facebook’s infrastructure and resources to grow. Lately, they were frustrated with an uptick in day-to-day involvement by Zuckerberg, who has become more reliant on Instagram in planning for Facebook’s future, said the people, who asked not to be identified sharing internal details. Without the founders around, Instagram is likely to become more tightly integrated with Facebook, making it more of a product division within the larger company than an independent operation, the people said. Facebook's shares were down about 1 percent in morning trading. Meanwhile, Snap rose about 2 percent amid speculation that the compan
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