Facebook Shares Drop After Instagram Co-Founders' Departure [MSN Money]
Meta Platforms, Inc. - Class A (FB)
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Source: MSN Money
© Provided by IBT US The tech world was rocked by news Monday night that Instagram co-founders Kevin Systrom and Mike Krieger would exit the company, sending shares of parent company Facebook (FB) to plunge in early hours trading Tuesday. Facebook shares dropped more than 2 percent before a late-morning rebound. The drop began in pre-market trading and continued after markets opened, with the social media firm’s stock price dropping as low as $161.50 per share. Systrom made the move official in a press release posted on Monday night, after it was originally reported by the New York Times . The statement was light on specifics, but hinted at he and Krieger’s alleged dissatisfaction with their places within the Facebook corporate hierarchy. A message from our co-founder and CEO @kevin : https://t.co/XWhN0zZj2O — Instagram (@instagram) September 25, 2018 “We’re planning on taking some time off to explore our curiosity and creativity again,” Systrom wrote.
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