The founders of Instagram are leaving Facebook.
Kevin Systrom and Mike Krieger are set to leave Facebook as tensions with CEO Mark Zuckerberg continue to grow.
The founders of Instagram, who have been at the company since Instagram’s acquisition by Facebook in 2012, felt frustrated with a day-to-day involvement by Zuckerberg, who has become more reliant on Instagram in planning for Facebook’s future, said sources near to both parties.
As of today, Facebook shares fell 2.2%, while, Snap Inc. rose about 2% amid speculation that the struggling social media company can take advantage of Facebook’s woes.
Despite Facebook didn’t have an official comment on the tension, Systrom and Krieger, who built Instagram and sold it to Facebook for $715 million six years ago, confirmed their decision through a blog post.
As of now, Instagram accounts for more than 1 billion users every month, and it is today the main source of advertising revenue for Facebook outside the social network’s news feed.
According to information from Bloomberg, Instagram is on track to provide Facebook with $20 billion in revenue by 2020, about a quarter of Facebook’s total, Ken Sena, an analyst at Wells Fargo Securities, wrote to investors earlier this year.