With just a two-year-old startup, Instagram CEO Kevin Systrom is expected to net approximately $400 million from the $1 billion sale of his little photo-sharing juggernaut to Facebook — according to an exclusive report by Wired.
The report cites that Systrom holds a 40 percent stake in Instagram which amounts to $725,000 per day for the 28-year-old CEO since the Instagram app launched in the iTunes App Store on October 6, 2010.
While many committed Instgram users are still contemplating if they will to stick with the photo sharing app now that Zuckerberg and company are taking control of the data, Systrom has assured his roughly 32 million faithful followers that the Instagram they know and love is not going away.
"It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience." Systrom wrote on his company's blog.
Many who watched Super Bowl XLVI this year may remember an innovator series produced by Best Buy — which included Kevin Systrom among their list of Silicon Valley innovators. In light of the big news today I've posted the mobile innovator segment featuring Kevin along with the original spot also included below.
"If we didn't do this idea someone else was going to and we realized the power of mobile photography and the opportunity at hand and what was to come in the coming year — with you know all the cameras that were being installed on all these phones and how many people would love taking photos with their smartphones and it was something we wanted to capture." said Systrom.
"It was a long slog actually, we had been working about a year before Instagram came around, but once we had the idea it was about eight weeks until we launched and obviously the rest is history now."