Instagram founders Systrom and Krieger resign from social media giant after eight years

Instagram is Facebook's fastest-growing product in terms of revenues

Instagram has more than 1 billion active monthly users (Reuters/ Composite)

The two men who founded social media giant Instagram eight years ago have announced they will step down from the company.

Kevin Systrom and Mike Krieger did not specify a reason for resigning from the firm, which was bought by Facebook six years ago for $1bn.

The company issued a statement late on Monday confirming Mr Systrom and Mr Krieger, it's chief executive officer and chief technical officer, had declared their decision to leave.

Mr Systrom wrote in a blog post that they plan to take some time off and explore "our curiosity and creativity again".

Instagram is Facebook's fastest-growing product in terms of revenues, though it has some four million fewer advertisers worldwide than the parent site.

It has more than 1 billion active monthly users and has grown by adding features like messaging and short videos. In 2016, it added the ability to post slideshows that disappear in 24 hours, a copy of Snapchat's popular "stories" feature.