Co-founders of Facebook Inc’s (FB.O) Instagram, Kevin Systrom and Mike Krieger, have resigned as chief executive officer and chief technical officer, respectively, and plan to leave the photo-sharing app company in coming weeks, the New York Times reported late on Monday.
They have notified the photo-sharing app’s leadership team and Facebook on Monday about their decision to leave, the newspaper reported, citing people with direct knowledge of the matter.
Systrom and Krieger did not give a reason for their departure, the paper said, adding that they planned to take time off after leaving Instagram.
An Instagram spokeswoman did not have immediate comment. Facebook was not immediately available to comment outside regular business hours.
Instagram, which Facebook bought in 2012 for $1 billion, has more than 1 billion active monthly users and has grown by adding features like messaging and short videos. In 2016, it added the ability to post slideshows that disappear in 24 hours, a copy of Snapchat’s popular “stories” feature.
Instagram is its parent’s fastest-growing slice of revenue, but it touts 4 million fewer monthly advertisers globally. As Instagram has shown more ads, the average price per ad across Facebook’s entire family of apps has declined earlier this year after a year of upswing. A new privacy law in Europe also has affected prices.
The departure of Instagram co-founders comes months after the exit of Jan Koum, co-founder of WhatsApp, another Facebook unit.
Reporting by Bhargav Acharya in Bengaluru; Editing by Gopakumar Warrier
Trump’s economic advisers baffled over how to hold off recession that his trade war set it in motion: report
According to a report from ABC, Donald Trump's economic advisers are baffled about how to stop what appears to be a recession coming before the 2020 election after his trade war upset an already teetering worldwide economy.
With the report noting that Trump had hoped to run on a strong economy as part of his 2020 re-election strategy, warnings from economists that a recession may arrive before then has White House officials in a panic.
"The financial markets signaled the possibility of a U.S. recession this week, sending a jolt of anxiety to investors, companies and consumers. That's on top of concerns over Trump's plans to impose punishing tariffs on goods from China and word from the United Kingdom and Germany that their economies are shrinking," the report states, adding, "Trump advisers fear a weakened economy would hurt him with moderate Republican and independent voters who have been willing to give him a pass on some his incendiary policies and rhetoric."
Race to remember Berlin Wall victims, 30 years on
Where guard towers and barbed wire once stood, runners pounded the 100-mile (160 kilometer) path along the former Berlin Wall this weekend in a race with victims of the Cold War relic at its heart.
On Saturday at 6:00 am (0400 GMT), around 500 runners, started the 8th edition of the Berlin Wall Race, ahead of the 30th anniversary of the Wall's demise this November.
With weary legs, most runners will jog through Saturday night, aiming to reach the city centre stadium which doubles as both start and finish, in the early hours of Sunday.
The race is part ultra-marathon, part tribute to those who died trying to cross the Wall, which the East German communist regime hastily erected in 1961 and stood for 28 years.
Suspect behind NYC subway bomb scare arrested after being found unconscious in the Bronx: report
On Saturday, CNN's New York correspondent Polo Sandoval reported that a suspect wanted for placing suspicious rice cookers in New York City subway stations has been arrested after being found unconscious at an address in the Bronx.
"Less than 24 hours it took the NYPD to track down this man in relation to the scare that took place here in New York City," said Sandoval. "A source close to the investigation saying that the individual that they were trying to track down to speak to was apparently placed into custody at about 2AM This morning. He was found unconscious in the Bronx here in New York. He is currently hospitalized."