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UPDATE: Sept. 25, 2018, 1:04 p.m. AEST Instagram chief executive Kevin Systrom has issued a statement regarding the co-founders' departure. This article has been updated to reflect this.

Instagram's two co-founders are stepping down from the company, according to a report by The New York Times.

Chief executive Kevin Systrom and chief technical officer Mike Krieger, who founded the social media platform in 2010, have resigned, with the publisher noting that "people with direct knowledge of the matter" have confirmed the pair will leave Instagram in a matter of weeks.

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