I found this to be an interesting take on the resignations of Instagram’s co-founders Kevin Systrom and Mike Krieger.
Ben Thompson, writing at Stratechery
Technically speaking, Instagram was a company. In practice, though, Instagram was a product, and its business model was venture capital funding. To be sure, this wouldn’t be the case forever, but on April 9, 2012, the road from popular product to viable company was a long and arduous one. Instagram would not only need to continue growing its user base, it would also have to scale its infrastructure, figure out a business model (ok fine, advertising), build up tools to support that business model (first a sales team, then a self-serve model, plus tracking and targeting capabilities), all while fighting off larger and more established companies — particularly Facebook — that were waking up to the threat Instagram posed to their hold on user attention.
Controlling one’s own destiny, though, takes more than product or popularity. It takes money, which is to say it takes building a company, working business model and all. That is why I mark April 9, 2012, as the day yesterday became inevitable. Letting Facebook build the business may have made Systrom and Krieger rich and freed them to focus on product, but it made Zuckerberg the true CEO, and always, inevitably, CEOs call the shots.