SoylentNews is people
SoylentNews
Instagram Co-Founders to Step Down From Facebook
The two co-founders of Facebook Inc.'s popular Instagram app are stepping down, a move marking continued tumult at the social-networking giant.
The co-founders—Kevin Systrom, Instagram's chief executive, and Mike Krieger, chief technology officer—clashed with Facebook executives over the extent of Instagram's autonomy in recent months, according to people familiar with the matter. Earlier this year, Chief Executive Mark Zuckerberg shifted a senior Facebook executive, Adam Mosseri, over to Instagram in anticipation that the founders might leave, one of the people said.
Among other things, Facebook officials, including Mr. Zuckerberg, clashed with the co-founders over growth tactics and how to more rapidly expand the photo-sharing app's user base, another person said. Senior Facebook officials had known the two men were frustrated working within a large company and had begun making preparations for them to leave, another person familiar with the matter said.
Also at NYT, The Atlantic, and Gizmodo.
Related: Facebook's Instagram Valued at $100 Billion (It Was Purchased for $1 Billion)
(Score: 1) by khallow on Thursday September 27 2018, @12:59AM (5 children)
That's not accurate. As has been noted, Facebook stock may faceplant some point in the next five years before vestment, meaning the actual return is much lower. We also have to consider other factors: 1) What are the odds that Mr. Acton will still be employed by Facebook in five years? He's routinely butting heads now. 2) How rich is Mr. Acton currently? Five years chasing $850M (especially with those risks) may not be a good use of his time even from the limited profit-only point of view. He might be able to make more wealth by abandoning Facebook.
Let me guess. You're one of those people who whine about the psychopathy of rich people, right?
(Score: 0) by Anonymous Coward on Thursday September 27 2018, @02:47AM (4 children)
Faceplant more than 99%? What are the chances of that do you think? And, surely his contract allows him to take the shares should Facebook fire him of its own accord; otherwise, Facebook would just fire him and save the money.
Secondly, you're absolutely wrong in your estimation of me; I spend a fuck load more time than you on this website defending wealth creation, inheritance, and Capitalism, the sanctity of private property, and indeed the virtue of self-interest. How could you be so wrong? Well, I'll tell you: Your personal philosophy is inconsistent, and thus you are led easily to poor conclusions.
(Score: 1) by khallow on Thursday September 27 2018, @03:59AM (3 children)
Well, since you asked, 100% is quite possible. Stockholders are at the very bottom of the bankruptcy food chain.
Higher for companies where insiders are leaving. Just saying.
If you really did, then you would know there's no such thing as an I-win button in such a situation. There are always downsides. And if he's turning down $850 million, it's probably because he knows a lot more about the situation and his personal priorities than you do.
(Score: 0) by Anonymous Coward on Thursday September 27 2018, @05:12AM (2 children)
It's right there:
The OP is saying that Acton thought to himself "850 million? I'm a billionaire almost 4 times over. I don't NEED this trouble; I quit." It would have been much more selfless and much more aligned with his disdain for Facebook if he had instead gritted his teeth and stomached the pain for however long it took to get his hands on that 850 million, and thereby have an enormous war chest to help pay for undoing that damage that he admits he helped cause. Instead, he's off not only soothing his own needs, but leaving that large some of resources in the control of Facebook.
DO YOU GET IT YET?
(Score: 0) by Anonymous Coward on Thursday September 27 2018, @02:06PM
It would have been selfless to engage himself against what he's determined his best self-interest is?! Some defender of the "virtue of self-interest" you are!
(Score: 1) by khallow on Friday September 28 2018, @04:23AM
Stupid != selfless.
Yes. I get that is a really dumb argument.