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Instagram CEO Kevin Systrom and CTO Mike Krieger have announced they will be leaving their positions in the company.

In a statement, Systrom said, "Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team."

"We’ve grown from 13 people to over a thousand with offices around the world, all while building products used and loved by a community of over one billion. We’re now ready for our next chapter.

"We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion."

According to reports, Systrom and Krieger are resigning due to tensions with Facebook founder and CEO Mark Zuckerberg.

In a statement, Zuckerberg said, "Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents. I've learned a lot working with them for the past six years and have really enjoyed it. I wish them all the best and I'm looking forward to seeing what they build next."

Following the announcement, Facebook stock dropped 2.45%.

Facebook acquired Instagram in April 2012.