i've been fizzling let's do business instagram's co-founders kevin systrom and mike krieger have quit their jobs as c.e.o. and chief technical officer of the photo sharing app a statement they said. they are ready for that next chapter as they transition from lead is to two uses in a billion shares a parent company facebook with down on news of their resignation it quiet instagram six years ago with a deal that reportedly allowed instagram to continue to be run independently but insiders say the co-founders felt they were not being given enough autonomy. but they don't use their until discovering this for us erin what's behind the departure it's a surprise it's concerning as we've heard from analysts and i don't know anything about it well it definitely is a concerning move you have to remember systrom in krieger were the men who built this app and took it to a billion user application i mean that's no small feat but what we're seeing in the media so far reported from a lot of insiders is basically that they felt they weren't given the independence that facebook initially promised the

kevin systrom and mike krieger started the image sharing site in 2010, and continued to run the servicebook in 2012. 0ur north america technology reporter is in san francisco. why are they going? that is a very good question, the rumour is that for some time now there has been increased tension between kevin systrom and mo krieger and the —— the cofounders, and while the social network has had a bit of stagnation, some troubles as we know all the while in the past year, instagram is actually been a roaring success, they have been particularly popular with young users, compared to the main facebook app. and so with that has come something of added pressure i guess you could say from facebook to monetise instagram much more aggressively, so more ads, more features, more things that are going to make people see advertising and instagram and we are told, we understand that that created a lot of tension between instagram's founders and facebook because instagram's founders are always very big on saying how simple the app should be and how straightforward it should be and how straightforward

the issue is not merely that mike krieger and kevin systrom have left.ech companies, facebook‘s growth has leant heavily on the acquisitions of rivals, in order to smother competition. in 2012, it bought picture—sharing platform instagram for £629 million. two years later, it bought messaging service whatsapp for £11.11 billion. and just a month after that, it paid another £1.2 billion for virtual reality company oculus. it also tried to buy snapchat, but was rebuffed. among all these, instagram was the jewel in the crown. at first, some felt facebook had overpaid but now it looks like a steal. here's why. facebook, with over two billion users, is still growing. but the rate of growth has slowed. meanwhile, growth at instagram has been exponential, from 30 million users six years ago to over a billion now. crucially, much of that growth comes from younger users who are prized by advertisers. facebook wanted to sweat their asset, putting more ads on instagram. this is what reportedly led to tensions. the founders of instagram, whatsapp and oculus have all

instagram's co-founders kevin size from and krieger have quit their jobs as c.e.o. and chief technical officer of the photo sharing in a statement they said they were ready for the next chapter they transition from leaders to uses the resignation comes as a blow to parent company facebook which acquired instagram six years ago the deal reportedly allowed instagram to continue to be run independently but insiders say the co-founders felt they were not being given enough autonomy. u.s. fashion company michael cause is pushing further into the high end luxury segment michael causes a reportedly close to acquiring italian fashion run vest saved in a deal said to be worth over two billion dollars that's according to the financial times newspaper for years the family owned italian fashion label had been considering going public sales of a colorful designs by the company's creative director. declined those plans. she is expected to announce on tuesday what the future holds for michael because it will be a further expansion of the brand portfolio after acquiring british lab

kevin systrom and mike krieger started the popular app in 2010. they sold it to facebook for (100)000-0000 two years later but kept working -- for (100)000-0000 two years later but kept -- sold it for 1 billion dollars two years later but kept working for the company. >>> an inspector rode a window washer's rig to get a better look at the 36th floor of the millennial tower where a window cracked earlier this month. it's been taped up inside and out, but the city wants to know if it's related to the sinking and leaning of the building at mission and fremont. numerous lawsuits have been filed over the tower's construction trouble. the inspector's report should be completed by next week. >>> a teenager from indonesia is telling his story of surviving 49 days lost at sea. reporter david begnaud has the reporter: 18-year-old aldi novell was rescued by a panamanian ship near guam after a storm sent his wooden fishing raft adrift without a paddle for 49 days. he survived on the fish he caught and cooked using wood from the raft. he drank rainwater. accor

the co—founders of instagram, kevin systrom and mike krieger, are leaving the firm.t looks like money well spent for facebook. today, it has one billion worldwide users and counting. my my cousins and lots of tweets. but mike krieger tweeted, "0ver eight years ago, kevin and i started instagram, hoping to build something that would bring out people 5 creativity and spirit for exploration. now it's time for the next chapter. a huge thank you to everyone in the community who we ve met along the way." but the pair's departure has raised a few questions. about what was going on at facebook that led to their departure. zoe kleinman explains. they don't express any animosity directly towards facebook. there have been rumours that they didn't get on with the leadership. however in the statement, they say they want to focus on the curiosity and creativity. it's an interesting statement because normally when somebody leaves a big tech firm, they say they are going to recharge or they're going to take some time off with their family. but these guys are very clear — "we're goin

instagram's co-founder kevin size drum and mike krieger quit their jobs as c.e.o. and chief technical officer of the photo sharing in a statement they said they were ready for the next chapter as they transition from quote leaders to two uses and a billion there resignation comes as a blow to parent company facebook which acquired instagram six years ago to deal with formally allowed instagram to continue to be run independently but inside as the co-founders felt they were not being given enough autonomy. let's bring in our financial correspondent power but it's all not how important is instagram for facebook. well it is becoming more and more important for markets are pervert the c.e.o. of facebook as its core product is in trouble. face will be seeing massive exodus especially of young people are recent study has shown that almost fifty percent deleted the app this year over its scandals us data use spreading false information and the network just becoming old instagram on the other hand is booming it's expected to show eight billion miller eight billion dollars

and the crimes co-founder kevin sites from and mike krieger quit their jobs as c.e.o. and chief technical officer of the photo sharing and a statement they said they were quote ready for that next chapter as they transition from leaders to users in a billion that resignation comes as a blow to prime company facebook which of quiet instagram six years ago it's the only be allowed instagram to continue to be run into him but insiders say the co-founders felt they were not being given enough autonomy. the price of oil has hit a four year high barrel of brant crude now call small than eighty one dollars this high comes off the members of opec a group of oil producing nations ruled out increasing their up to the decision defies calls from the united states which fears that the sanctions re imposed on all of that iran will put pressure on global supply. filling the tank in germany is taking a bigger and bigger bite out of the pocketbook and these gentlemen are going to have a hand in that the leaders of the opec oil producing nations met in the capital over the weekend where

kevin systrom and mike krieger are leaving the network in a statement they said they are grateful for the six years at facebook which acquired the company for $1.0 billion. there are rorts of disagreements with facebook ceo mark zuckerberg overhe photo app's direction. zuckerberg nonetheless praised the founders calling them extraordinary leader leaders >>> a greater numbe of teenagers are going under the knife for skmetic surgery, according to a report publishedpy the american society of plastic surgeons. last year nearly 230,000 procedures were performed on patients between 13 and 19 years old. in fact, teens accounted for 5% of allme ccic surgeries in 2016 and the industry has a whole broughtre in han $16 billion. some of the most common surgeries requested byee were nose reshaping, breast augmentation and ear surgery. joining us tonight isoctor allen maderazo president elect of society of plantingha surgeo >> you for having us. >> why is this happening? how much does social media have to do with all of this and the influence it has on teens. >> there is no question that social med

kevin systrom and mike krieger said they were departing the firm, to "explore our curiosity and creativityring site in 2010. they continued to run the service after it was bought by facebook in 2012 for $1 billion — that's about £760m. however, there have been numerous reports of disagreements between the founders and facebook‘s board. instagram currently has one billion users and is expanding, whereas growth at facebook has slowed. joining us now is our technology reporter, zoe kleinman. is this a rift over creativity and the direction of instagram, do you think? it is certainly an interesting choice of phrase. we want to explore our curiosity and creativity again, they say. that suggests they cannot do it at facebook. two years after facebook bought instagram for $1 billion, it bought whatsapp for a $19 billion. there was a feeling that maybe they sold out too soon and should have held out for more money. there is also the issue of facebook making instagram a much more complicated platform. it introduced video, it introduced advertising, all of which went against the ethos of the platfor

co-founders of instagram a service facebook acquired six years ago are quitting kevin systrom and my krieger will step down from their positions as c.e.o. and chief technical officer of the photo sharing app in a statement they said they were quote ready for their next chapter as they transition from leader to two users in a billion parent company facebook acquired instagram in a deal that reportedly allowed it to continue to be run independently but insiders say the co-founders felt they were not being given enough autonomy. now for more let's cross over to the ns court in new york what more can you tell us on the story. you know there are reports out that facebook c.e.o. mark zuckerberg make chili did put some top managers aside the two co-founders of instagram and that they might have been not happy about this they also had been some name changes so that also might have heard the brand name of instagram but there is also talk that there was quite some disagreement how many ads to put. on the instagram pages and that might also have been a reason why the two instagram co-founders left the

kevin systgrom and mike krieger began instagram in 2010.te, we are planning on taking some time off to explore our curiosity and creativity again, building new things requires that we step back, understand what inspires us, and match that with what the world needs, end quote. keep in mind, facebook bought instagram in 2012 for $1 billion. it has more than a billion active monthly users and has grown by adding messaging and short videos. >>> and the american affordable luxury handbag maker michael kors is reportedly set to buy the italian designer versace for $2 billion. kors has been trying to grow its footprint in high-end brands. it bought the british shoe company jimmy choo last year. the luxury industry hasn't been faring well. >>> diane king hall at the new york stock exchange. thank you. >>> still to come -- ♪ for the land of the free and the home ♪ >> a 7-year-old singer becomes the mvp of a soccer match. ♪ brave tch. ♪ brave what if your skin could light up the room? aveeno® positively radiant sheer daily moisturizer. lightweight hy

kevin systrom and mike krieger started the image sharing site in 2010. service after it was bought by facebook in 2012 for $1 billion. however, there have been numerous reports of disagreements between the founders and facebook‘s board. instagram currently has one billion users and is growing — unlike facebook, which has seen a slowdown. with us now is our business reporter paul blake. sally running through the details. this developing overnight. they are leaving. some reports there was a breakdown in relationship with facebook. the new york times reports that initially when they said they we re that initially when they said they were leaving they did not give a reason but they have released a statement saying they are focusing on creativity and curiosity. the fa ct on creativity and curiosity. the fact they have departed together has set the rumour mill alight. said that they were growing frustrated with how instagram has been integrated with facebook products. it has been stagnating over the past couple of months and hit with scandals, facebook, which

kevin systrom and mike krieger met in 2010 and transform the software into what became instagram. they sold it to facebook in 2012 for $1 billion. no explanation has been given except for a statement saying they are ready for the next chapter. >>> for some people, their worst dating nightmares can now be a halloween costume. they have a ghosted costume in reference to the term where a date begins ignoring your text messages, never to reply again. the costume will cost about $25. >>> that doesn't for us. thank you for joining me and news continues on ktvu.com, facebook and twitter. have a great tuesday afternoon. medicare cards are changing. with new, more secure numbers. but con artists, they never change. they'll always try to steal your medical identity. so, what can you do? guard your card, just like a credit card. don't give your medicare number over the phone or email. and remember, medicare never calls unless you've asked them to. to find more ways to guard your card, go to medicare.gov/fraud. don't let your guard down. ♪ from a sounden sleep. he gagged us and blindfolded us

(catherine) kevin systrom and mike krieger started the popular app in 20-10.y sold it to facebook for a billion dollars two years later ... but kept working for the company. instagram now has about a billion users. the men say they want to step back and focus on something new. facebook c-e-o mark zuckerberg is one of the many people who says he looksforward to what they build next." (catherine) a former north carolina high school assistant football coach has resigned as a teacher's assistant-- that's after being accused of offering the playbook and hand signals of the current football team to opposing schools. aaron tuttle was on the smokey mountain high school mustang's football staff last year... but not this year. people in jackson county say they want fairness on the athletic field.ansley schutters/ jackson county resident"you're supposed to be a leader in the community for your athletes and your students.""he'll admit to what he did or not - if he did it and hopefully he'll change his views and make him think a little harder."(catherine) tuttle's resignat

the program used to be led by captain krieger. he has the energy to ensure the program's longevity and he has never wanted to see the program come to san end. he only wanted to see the program grow and reach more children. on his own time, he has gone well above and beyond for the san francisco fire department and has taught the curriculum to other fire departments across the state of program, so they too can have a similar program. between 9,000 and 12,500 school age children receive this presentation in san francisco alone. he heads that program. with some assistance. not only are their students getting the information once each year to reinforce the learning but they're encouraged to take the information home to their families. it provides the children confidence to know what to do in case of an emergency. not only for themselves but also for their families. as you know, in san francisco, there are a lot of english as a second language where we're not even a language spoken at home. it empowers the students to go home with what

kevin systrom and mike krieger started the image sharing site in 2010. of disagreements between the founders and facebook‘s board. instagram currently has one billion users and is growing — unlike facebook, which has seen a slowdown. our business reporter, paul blake, told me what we know about their departure. initially when they told the facebook leadership they were leaving, they didn't give a reason. they have since released a statement to say they are focusing on their creativity and curiosity. the fact they have departed together has set they have departed together has set the rumour mill alight in silicon valley. the way instagram has been assimilated into the broader facebook. it has been stagnating over the past few months and been hit with these various scandals over data misuse. instagram has largely been able to avoid them. but you have to remember instagram started and had less than 50 million users. todayit and had less than 50 million users. today it has over1 billion users. it seems to be in an upward trajectory. facebook will see it as i

spoke directly about how facebook had lost the values that let businesses keep with people and mark kriegerhe cofounders of instagram left the company because they had enough. yeah, the word is they were sick of a repay shouse sellout culture, ruled bizarres. excuse me, ceo, mark zuckerberg. it managed to get back the bulk of the losses and that's mostly facebook, part of so many etfs with netflix and amazon and the latter surged today. the stock will go to $3,000 by 2020 because it's disrupting far more than just retail. amazon is disrupting advertising. disrupting entertainment and data storm with the famous division which is always talked about here as being the single gem of tech worldwide. how about sq, that's right, square this uber cramer favorite went up to 6% and we need it as an "f" to f.a.n.g square is disrupting the industry and the technology is so easy to use. they issued a new way to be able to take care of the employees' checks another aspect of what they're doing right. we had the chief financial officer on the show to talk about square's phenomenal 60% revenue growth it is

. >> well melissa coveders kevin systrom and might go kriek krieger leaving the company.eo and kto after selling the app to fischer for $1.0 billion. they have had a successful run grow going to over a billion monthly user saying they are planning to take off time to explore cursety and creativity again facebook shares bouncing back after dipping this morning on news the departure come at a time when instagram is considered increasingly important for facebook's future. adding users when the core service stagnated and more room to grow add revenue. it's a time when there is growing concern about executive depart yurs. jan koum on the board announced depart in your april and stand rose nouns announced will be leaving after 12 years this fuels concerns about internal strive at facebook under the cloud of scrutiny for are from capitol hill for election manipulation upon the platform it raises questions about whether there was tension over a push to more closely integrate instagram into parent facebook as for who will replace kevin systrom abthe instagram ceo, the there are a

kevsystrom and mike krieger started the popular app in 20-10.sold it to facebook for a billion dollars two years later ... but kept working for the company. instagram now has about a billion users. the men say they want to step back and focus on something new. facebook c-e-o mark zuckerberg is one of the many people who says he looks forward to what they build next. ( robin )4 your money this morning... what you study in college may be just as important... if not more than where you attend. that's according to a report that ranks the most and least valuable degrees. researchers looked at 162 degrees and census data. they then analyzed the bachelor's degrees and incomes of at least 15-thousand people... and they found "actuarial science" is the most valuable college major. bankrate says that's because people with that degree like budget analysts, and cost estimators earn more on average than their peers. with the average income of over 108-thousand doollars and they faced a lower unemployment rate. other valuable degrees include zoology, nuclear

he and mike krieger want to start something new.on this. >> over the past few years, the founders have really been the force at instagram to try to understand want to take from facebook and what to reject in order to maintain this brand and the cultural impact of instagram. they don't want to mess with that. , there ishey are gone no credible person to compete with mark's vision of what instagram should be. it will become less of a separate company with facebook and more of a product are in this family of apps strategy that zuckerberg has been talking about. scarlet: what kind of hard and fast numbers do we have? it is estimated at more than $100 billion. what did facebook site? >> instagram just recently surpassed one million users around the world. now instagram has more users than facebook had at the time it up artist graham, which is before facebook' his ipo. ipo.cebook's zuckerberg on the last earnings grew twicenstagram as fast being part of facebook than it would have on its own. i don't know how he ejaculated that. sources t

instagram are resigning from t sial media compan kevin isis rum said in aem st sunday that he and ke krieger plan to leave in the next two weeks. founded the app back in 2010d it toacebook in about $1. there was no immediate word on why they choseo leave the fascinating story. >> certainly is. >>> whave mr. roker? thank for getting your first weath from us. more storminess in ortheast the west. in fact, right now we have a risk of severe weather for 43 milliom cleveland, grand rapids, down to st. louis, louisvil, a chicago as well. morrowt shifts to the east for 60 million people. we have got the risk of tornados in interior areas of the northe a part of a system that's moving slowly to the. ea low pres attached and all of this moisture out ahead of it bringi heavy showers and thundes from the midwest into the northeast by tomorrow, and look at the rainfall amounts. we are talkingnywhere from one to three inches of rain from texas to tenessee. as move into wednesday afternoo and evening up to three inches of rain in parts of the north andew england. your local forecast coming up in oo >>> mo

. >> the facebook stock is now up eight points since the departure of krieger i've got to tell you, there's facebook will step the monetization of instagram which they founded and that their departure gives zuckerberg a freer hand to make money in this acquisition or make more money and this is a shocking development because, of course, a lot of people felt that if it leaves the creativity goes away. now the new storyline is now that he's left zuckerberg is able to be even more of a rapacious capitalist with your storylines it's incredible. this is what got the stock going. and i'm in shock everybody hates facebook, by the way. i'm not saying doesn't like. i'm saying hates of all the companies i've talked to jim, what have you got tonight >> it's incredible okay, we've got cisco which is doing incredibly well. that stock creeps up all the time that's chuck robbins dion de di on weisler. box is no longer an opportunity. i love it out here i just love it >> you have to come back, congratulations. >> no staying. >> i need you guys out here. they're all here you find out who is hated and loved.

mike krieger and psystrom have left it's said to be worth close to $100 billion today now that stockhe big question is, did they go and launch a competitor to instagram? >> i don't know what kind of non-compete they have, if they have other ideas for different types of software. i don't know if they would necessarily try to rebuild instagram so much as -- they're both pretty creative guys. they like to build stuff but given this is the crown jewel for facebook right now and it is the growing piece of the business, there'll be new questions about what's happening internally >>> meantime, other news in. michael kors has bought italy's versace. the two luxury good makers were close to finalizing a deal yesterday. it will be renamed capri holdings an interesting decision for a company that has historically not been in the high-end fashion space and whether or not they'll be able to turn around versace >>> starbucks expecting layoffs this fall. reportedly include some top executives it's all part of starbucks trying to tighten up decision making at the company. the number of cuts hasn't b

lauren: kevin systrem and mike krieger will leave in a couple of weeks, sold it to facebook in 2012 fora billion dollars. no reason was given for departure and it's unclear who will lead the company after they leave. reports say they often clash with ceo mark zuckerberg on the direction of the company. changes are brewing at starbucks, ceo kevin johnson telling employees that falling sales are forcing the company to restructure, expect layoffs in the corporate ranks to begin as soon as this week and last until november, changes are intended to accelerate growth right here in the u.s. and also in china, taking a look at shares at starbucks relatively flat on the year. well, sears ceo calling on creditors to restructure $1.1 billion of debt as the company seeks to avoid bankruptcy and to sell 1 and a half billion dollars of real estate and divest 1.8 billion of assets f approved restructuring plan would reduce the company's debt about $1.2 billion. sears shares down 65%, maria. maria: all right, lauren, thank you. coming up trade fight heating up. one major company could see price increas