Facebook shares down as Instagram founders become latest execs to exit

Facebook shares down as Instagram founders become latest execs to exit

But Bloomberg reported that they were leaving after "growing tensions" over Facebook CEO Mark Zuckerberg's increasing involvement in the day-to-day running of Instagram.

The New York Times earlier reported Mr Systrom and Mr Krieger's departure.

The departure of Instagram's founders comes just weeks after Facebook chose to bring the photo app's chief operating officer, Marne Levine, back to Facebook to become its global head of business development. The photo-sharing company has grown from "13 people to over a thousand with offices around the world", he noted, adding that the network had gathered "a community of over one billion".

In a statement posted on Instagram's info center, Systrom points to the massive growth of Instagram over its lifetime so far. Building new things, he added, requires stepping back, understanding what inspires them and matching that with what the world needs and that's exactly what they plan to do.

Specifically, Instagram's former VP of Product Kevin Weil moved to work with Facebook's blockchain technology and was replaced with the Adam Mosseri, who was VP of Facebook News Feed and part of Facebook CEO Mark Zuckerberg's "inner circle". "We look forward to watching what these innovative and extraordinary companies do next", Systrom wrote.

In a statement, Zuckerberg praised Instagram's founders.

The app now boasts a user base of over one billion people.

Facebook "has become more reliant on Instagram in planning" for its future, according the Times' sources.

Relatives of Iowa man charged in golfer's death 'devastated'
A man, Collin Daniel Richards, was taken into custody, held on $5 million bond, and has been charged with first-degree murder . Her body was found in a pond near the ninth hole with multiple stab wounds in the head, neck and torso, Ames police said.

WhatsApp creator Jan Koum left the company in April following alleged clashes with Facebook management over the handling of personal data, while Oculus chief Palmer Luckey resigned after reportedly funding Donald Trump's presidential campaign, the newspaper says.

As the number of users increased, so has the value of the company.

Instagram this summer topped 1 billion monthly active users and has 25 million businesses that maintain accounts on the service. Instagram is seen as one of the company's most successful acquisitions, so there is likely to be plenty of reflection on what these resignations really mean.

Mike Krieger, left, and Kevin Systrom, co-founders of Instragram shown at the Webby Awards in 2012 in NY.

"To the extent that their departures represent Zuckerberg exercising more power and being less accountable, such a development would underscore the need for an independent board chair", said Jonas Kron, senior vice president at Trillium Asset Management. Meanwhile, Facebook is losing its grip on users' attention, with time spent on its primary service down 7% year on year this month.

The social network spent $19bn on the chat app in 2014, and Instagram's co-founder is said to have become concerned that he had sold out too soon.

Fellow WhatsApp creator Brian Acton departed in November previous year with a more pointed message, which he demonstrated by donating $US50 million to a rival messaging app.

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