The co-founders of the photo-sharing app announced late last night that they would be stepping down from the Facebook-owned tech giant
The co-founders of Instagram are leaving the photo-sharing company they founded in 2010.
Kevin Systrom, the CEO, and Mike Krieger, the CTO, launched Instagram eight years ago and the platform is now estimated to be worth more than US$100bn.
Mark Zuckerberg’s Facebook purchased the app for $1bn back in 2012.
Systrom said: “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 taking some time off 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.
“We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion.
“We look forward to watching what these innovative and extraordinary companies do next.”