Instagram co-founders reportedly stepping down

Instagram’s two co-founders are stepping down from the company, according to a report by The New York Times.

Chief executive Kevin Systrom and chief technical officer Mike Krieger, who founded the social media platform in 2010, have reportedly resigned, with the publisher noting that “people with direct knowledge of the matter” have confirmed the pair will leave Instagram in a matter of weeks.

Notifying Instagram’s senior team and its parent company, Facebook, on Monday, Systrom and Krieger have not publicly given a reason for their departure, according to the TimesFacebook bought Instagram in 2012 for roughly $1 billion in a combination of cash and stock. Read more…

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