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Tuesday
October 2018
2:33 AM IST
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Business News
Instagram departures hit Facebook shares
 
(San Francisco, Sep 25, 2018):Shares of Facebook Inc fell more than 2 percent in early trading on Tuesday after the two founders of photo-sharing app Instagram left the social networking giant under unexplained circumstances.

Bloomberg News reported late on Monday that the departure of Kevin Systrom and Mike Krieger was the result of tensions with Chief Executive Officer Mark Zuckerberg over the direction of Facebook's fastest-growing revenue generator.

That fuelled investor concern over the sudden loss of the pair, which follows the departures of WhatsApp co-founders Jan Koum and Brian Acton and a reshuffling of Facebook's executive ranks earlier this year.

Systrom wrote in a blog post on Monday that he and Krieger planned to take time off and explore "our curiosity and creativity again".

Zuckerberg described the two as "extraordinary product leaders" and said he wished them all the best and was looking forward to seeing what they build next.

Citing unnamed sources familiar with the matter, Bloomberg said Systrom and Krieger had been frustrated by a rise in the day-to-day involvement of Zuckerberg, who has become more reliant on Instagram in planning for Facebook's future.

Facebook stock is currently down about 6 percent this year, after six years of stellar gains.

Concerns over the fallout of the Cambridge Analytica privacy scandal and signals that a rise in costs would hurt Facebook's margins for years, fuelled the biggest one-day wipeout in U.S. stock market history in July.

Tuesday's dip in trading before the bell would knock around $11 billion off Facebook shares if sustained once the Nasdaq exchange opens.


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Deepak Kapoor Appointed the new Chairperson of Save the Children
KERALA NEWS
Vijayan urges UAE Keralites to back salary challenge
 (Abu Dhabi, Oct 18, 2018): Kerala Chief Minister Pinarayi Vijayan has urged Keralite business  
Sabarimala row: Protests against SC verdict continue
Balabhaskar's wife Lakshmi shifted to ICU
Idukki dam's one shutter opened
INTERNATIONAL NEWS
22 Miners Trapped In China's Coal Mine Accident
 (Beijing, Oct 21, 2018):Twenty-two miners were trapped following a coal mine accident in Chin
Maldives judiciary upholds poll result
Top Afghan Police Chief Killed In Shooting, US General Unhurt
Putin says IS seized 700 hostages in Syria; executing some
NATIONAL NEWS
Student gang raped in Muzaffarpur
 Muzaffarpur: A class nine student has been allegedly gang raped in her home in Bihar's Muzaffarpur t
Rafale deal will 'sink' Modi government: Ashok Gehlot
Sabarimala verdict: SC to decide hearing review petitions tomorrow
Fans react to Deepika-Ranveer wedding announcement
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