Facebook Eyes Product Exec Adam Mosseri as Likely Instagram CEO

Facebook Eyes Product Exec Adam Mosseri as Likely Instagram CEO

Instagram co-founders Kevin Systrom and Mike Krieger have resigned as chief executive officer and chief technical officer of the photo-sharing app.

Some saw this departure as a potential opening for Snapchat, given that the company's app has always been considered a major Instagram competitor; Facebook has even stolen more than a few of Snapchat's most popular features.

Facebook bought Instagram in 2012, just before going public, at a price that seemed inconceivable at the time - $1 billion - especially for a little-known startup with no profit.

Krieger and Systrom together founded Instagram in 2010, and it was acquired by Facebook for $1 billion in 2012. Facebook is walking a tightrope in trying to monetize the usage of both WhatsApp and Instagram without altering their core strengths.

"Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents", Zuckerberg said in a statement, according to Bloomberg.

The share of revenue that Instagram contributes to Facebook is set to rise from about 10% to 16%, year-over-year, according eMarketer. And Adam Mosseri, formerly the VP of News Feed at Facebook, was made Instagram's new head of product. But because of Facebook's dependence on automation, the more ads you get, the spottier quality becomes - and the greater the likelihood of repulsing users. It is less crowded than the main Facebook app, and perceived to be a kinder social network.

Instagram co-founders Mike Krieger left and Kevin Systrom right
Instagram co-founders Mike Krieger left and Kevin Systrom right

That led to a reshuffling of Facebook's executive ranks, increasing Zuckerberg's ability to influence day-to-day operations.

Analyst Anmuth estimates Instagram will haul in $7.5 billion in revenue this year, more than double from a year ago-and roughly 14% of Facebook's ad revenue in 2018. Facebook recently disclosed that it had deleted hundreds of pages across Instagram and its main social network linked to global misinformation campaigns meant to disrupt elections. Despite the sale, they remained at the helm of the photo-sharing site.

"We're now ready for our next chapter", Systrom said in a statement.

Facebook also needs Instagram financially.

It comes after months of chaos and scandals for Facebook.

The optics are awful, first off. Facebook is trying to project confidence that it's moving past its two years of near constant crises involving foreign propaganda infecting the social network, of people and government officials using Facebook and its WhatsApp app to incite violence, and realisations stemming from this year's Cambridge Analytica scandal that Facebook may not be worthy of people's trust with their private time and digital lives.

Related Articles

  • Mohamed Salah Beats Out Bale And Ronaldo Among Others For Puskas Award

    Mohamed Salah Beats Out Bale And Ronaldo Among Others For Puskas Award

    Fabio Capello says Cristiano Ronaldo and Lionel Messi's absence at FIFA's The Best awards showed a lack of respect from the pair. The pair made it onto the FIFPro Team of the Year but neither were there to pick up their trophies for the honour.
    Woman in mid-30s attacked by shark off Whitsunday coast

    Woman in mid-30s attacked by shark off Whitsunday coast

    The girl suffered significant blood loss and was given three pints of blood en route to Mackay Base Hospital. Of these, two people died. "In north Queensland, shark attacks are not that common".
    U.S.  impose new $200bn tariffs on China imports

    U.S. impose new $200bn tariffs on China imports

    There are reports China is reducing exports by slowing down customs approvals and stepping up environmental and other inspections. Trump also threatened to inflict more economic pain in the form of additional tariffs if Beijing takes any retaliatory action.
  • Second Kavanaugh Accuser Insists on FBI Probe, Attorney Says

    Second Kavanaugh Accuser Insists on FBI Probe, Attorney Says

    Since Ramirez's account became public, GOP lawmakers and Kavanaugh supporters, including President Donald Trump , have dug in. She said they were playing a drinking game at the time and admits there are gaps in her memory of that night.
    Rosenstein's fate could turn on which account Trump believes

    Rosenstein's fate could turn on which account Trump believes

    The newspaper's sources also included people who were briefed on memos written by FBI Deputy Director Andrew McCabe. The Times also said Rosenstein raised the idea of using the 25th Amendment to remove Trump as unfit for office.

    Emmys: Rachel Brosnahan Urges Hollywood Elite to Get Out the Vote

    Adding up its wins from last week's Creative Arts Emmys , it took home a total of nine statues. I'm going to go ahead and say it: "We solved it".
  • Tiger Woods wins PGA Tour title for first time since 2013

    Tiger Woods wins PGA Tour title for first time since 2013

    A birdie on No. 1 by Woods seemingly sent a shock wave throughout the course, and the old Tiger intimidation factor began to roar. It is his 80th victory on the PGA Tour, but his first since the 2013 Bridgestone Invitational.
    Deadline Passes, Senate Awaits Word On Christine Blasey Ford Testimony

    Deadline Passes, Senate Awaits Word On Christine Blasey Ford Testimony

    The Senate Judiciary Committee had delayed a vote on Mr Kavanaugh's confirmation after Ms Ford's allegations emerged last week. In a related development, former Department of Justice Inspector General Michael Bromwich has been added to Ford's legal team.
    Ronaldo controversially sent off, Lyon stun Man City

    Ronaldo controversially sent off, Lyon stun Man City

    Ronaldo is the Champions League all-time leading scorer with 120 goals and led Madrid to the title the past three years in a row. Cristiano Ronaldo has been sent off in his first Champions League match for Juventus and walked off the pitch in tears.
  • Things to Know About New Vikings K Dan Bailey

    Things to Know About New Vikings K Dan Bailey

    Bailey has made 97 of 99 extra point attempts since the National Football League moved the kick to a 33-yard distance in 2015. He has also made 276-of-278 extra point attempts, and collected 296 touchbacks on 549 kickoffs.
    Berbatov backs Liverpool to see of Spurs on Saturday

    Berbatov backs Liverpool to see of Spurs on Saturday

    The two sides meet in Saturday's early kick-off in what many people are tipping to be Liverpool's first serious test of the season.
    Obama launches stinging attack on Trump

    Obama launches stinging attack on Trump

    His comments came during a speech at the University of IL at Urbana-Champaign, where he accepted an ethics in government award. Obama will head to Cleveland on September 13 to campaign for Ohio Democratic gubernatorial nominee Richard Cordray.