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Wednesday
September 2018
5:21 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.


Sensex ends in red after 1,000-pt flash crash
OYO to hire over 2,000 tech experts, engineers by 2020
Sensex recovers over 100 points on value-buying, global cues
Deepak Kapoor Appointed the new Chairperson of Save the Children
RCom to exit telecom fully to focus on realty: Ambani
Petrol, diesel rates scale new highs
Adani Capital to raise Rs 1,000 cr in growth capital in FY19
Vijaya Bank, Dena Bank, BoB to merge: Govt
Air India utilising just 21 of 27 Dreamliners for daily ops
RBI submitted a list of high profile fraud cases to PMO: Rajan
VU 100-inch 4K HDR smart TV launched in India for Rs 20 Lakh
US dollar ends higher against rupee
Gadkari pitches for alternate fuels; says govt not against petrol, diesel
Air India To Get Rs. 2,100 Crore From Government: Report
SBI hikes benchmark lending rate by 0.2 pc
PM launches India Post Payments Bank; postman to deliver doorstep banking services
IBA elects PNB's Sunil Mehta as chairman
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
KERALA NEWS
Violinist Balabhaskar's daughter dies in a car accident
 Thiruvananthapuram: Violinist Balabhaskar's daughter Tejaswini Bala deid in a car accident today at  
Kannur International Airport: Kerala to be the first state with four international airports
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
INTERNATIONAL NEWS
UNGA debut for New Zealand's first baby
 (New York, Sep 25, 2018):New Zealand Prime Minister Jacinda Ardern has created history by bri
Opposition leader Solih wins Maldives presidential election with 58.3% vote
Trump prepared to meet Kim in possible second North Korea summit: Pompeo
Shilpa Shetty faces racism at Sydney airport
NATIONAL NEWS
Nirmala Sitharaman likely to meet French defence minister next month
 (New Delhi, Sep 25, 2018):Undeterred by the unseemly controversy over the statements of forme
Application Form Correction Date for GATE 2019 Announced, Check Details
Gujarat Must Respond: Top Court On Allegations By Sanjiv Bhatt's Wife
Commander Abhilash Tomy rescued
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