Instagram founders are stepping away from the company

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(CNN Money) — The founders of Instagram, Kevin Systrom and Mike Krieger, are stepping away from the business.

"We're planning on taking some time off to explore our curiosity and creativity again," Systrom said in a blog post late Monday. "Building new things requires that we step back, understand what inspires us and match that with what the world needs; that's what we plan to do."

Facebook bought Instagram in 2012 for $1 billion.

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