who owns instagram
What Happened To Instagram's Founders?9 years ago, when Facebook bought Instagram for $1 billion, ma
Updated on Jan 10,2023
What Happened To Instagram's Founders?
9 years ago, when Facebook bought Instagram for $1 billion, many industry leaders were,skeptical about the decision.,Facebook themselves had just become profitable a few years before that, and they hadn’t,even gone public yet.,So, it didn’t seem very reasonable to spend $1 billion on a photo-sharing app that had,only been around for 1.5 years with a total of 13 employees.,With time, however, Facebook’s decision to acquire Instagram has proven to be a brilliant,business decision as Instagram is estimated to be worth a whopping $100 billion today.,Given that Facebook didn’t create Instagram though, what happened to Instagram’s founders,and why did they leave Facebook in 2018?,Well, starting off with Mike Krieger, Mike was born on March 4, 1986, in Sao Paulo, Brazil.,We don’t really know much about his early life, but it does seem like Mike excelled,in school as he would be admitted into Stanford in 2004.,At Stanford, Mike majored in symbolic systems and he would later meet Kevin Systrom, the,other founder of Instagram, during a fellowship.,When the two eventually started working on Instagram, Mike mainly managed the technical,side of Instagram.,He would fix outages, make sure there was enough server capacity, and so on and so forth.,One time, Mike says that when he woke up in the morning, he saw an email saying that Instagram,had gone down.,He instantly opened up the app to see what was going on, when he noticed that Instagram,was running perfectly fine.,Mike asked Kevin and some early employees if they had fixed the issues, but none of,them had.,Confused, Mike decided to look at the terminal to see who had made the last edit, and it,turns out that Mike had actually woken up at 3:30 AM, fixed the outage, and gone back,to sleep.,Clearly, Instagram’s operations weren’t perfect, but this would all change when Facebook,bought Instagram in late 2012.,Owning 10% of the company, Mike made a total of $100 million from the acquisition.,Assuming that Mike’s payout was proportional to the overall acquisition, Mike received,$30 million in cash and $70 million in Facebook stock.,Facebook decided to keep Instagram a separately run business, so Mike and Kevin maintained,relative autonomy.,But the financial, technological, and human resources they received from Facebook were,invaluable.,After the acquisition, Mike became the CTO of Instagram where he scaled the engineering,team from just 6 general developers to 300 specialized engineers.,One of the first projects that the team worked on after the acquisition was launching a web,browser version of Instagram.,This was one of the first times that a mobile app was translated into a website.,Usually, it was the other way around.,Anyway, later in April of 2015, Mike partnered with a charity organization called GiveWell,,where he donated $750,000.,In 2016, Mike worked on redesigning the app to better match modern UI and design.,And in 2018, Mike worked on launching IGTV.,At this point, it seemed like things were going great.,Mike had a lot of autonomy within Instagram, the app’s user base was growing exponentially,,and Instagram was transitioning from an up-and-coming startup to an established social media player.,Yet, just a couple of months after the launch of IGTV in September of 2018, Mike and Kevin,announced that they would be leaving Instagram and Facebook.,But before we get into that, let’s take a look at Kevin’s side of the story up until,this point.,Kevin Systrom was born on December 30, 1983, in Holliston Massachusetts.,As a kid, Kevin often played a video game called Doom 2 which fueled an interest in,programming.,Kevin would also end up attending Stanford for his bachelor’s, but Kevin majored in,management science and engineering.,While at Stanford, Kevin was selected to take part in the Mayfield Fellows Program which,not only allowed him to meet Mike but also score an internship at Odeo.,If you’re not familiar with Odeo, these are actually the guys who would go on to create,Twitter.,Anyway, Kevin didn’t jump straight into Instagram, or Burbn as it was originally called,,right after college.,In 2006, Kevin actually joined Google as an associate product marketing manager.,At Google, Kevin worked on Google calendar, Gmail, Docs, and Sheets.,A few years into his venture at Google, a couple of his coworkers left the company to,create their own company called Nextstop.,Nextstop was a social travel recommendation site, and Kevin would follow his coworkers,and join the startup.,Kevin didn’t work at Nextstop for too long, but his experience with the startup was essential,in the creation of Instagram.,Fun fact, Nextstop was acquired by Facebook as well in 2010.,After his stint at Nextstop, Kevin would go around silicon valley and pitch his idea for,Burbn to a plethora of venture capitalists.,Andreessen Horowitz and Baseline Ventures would agree to invest $500,000 into the idea,and this allowed Kevin and Mike to get Burbn off the ground.,Initially, Burbn was actually a check-in a
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