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Tuesday
December 2018
5:19 PM 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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KERALA NEWS
Activist Rehana Fathima, Who Attempted Sabarimala Trek, Arrested Over Facebook Post
 (Kochi, Nov 28, 2018): Model and activist Rehana Fathima, who tried to reach Kerala's Sabarim  
Good news for Keralite Nurses: IELTS cut-off reduced to 6.5
BJP leader K Surendran, 71 others granted bail
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
INTERNATIONAL NEWS
Trump's potential next chief of staff pick leaving White House
 Washington, Dec 10 (AFP) The White House official widely touted as Donald Trump's favourite to succe
UK PM faces fight for her political life in Brexit deal
Iran arrests 10 over suicide attack on police
Trump chooses new Joint Chiefs of Staff chairman, against Mattis wishes
NATIONAL NEWS
BJP mocks Oppn meet, asks them to reveal PM candidate's name
 Kolkata, Dec 10 (PTI) BJP national general secretary Kailash Vijayvargiya has mocked the scheduled m
RBI Governor Urjit Patel makes loud noise with silent exit
Can special consideration be shown to man with skin disorder: HC asks Centre
BJP files caveat in SC over 'rath yatra' in WB
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