Facebook’s recent “bear hug” of Instagram frustrated independent co-founders Kevin Systrom and Mike Krieger, leading to their surprise resignation this week. Over the past year, both Systrom and Krieger have grown increasingly frustrated and agitated with Facebook CEO Mark Zuckerberg’s increased influence over the app — one source characterized it as “bizarre meddling” that hurt morale within the unit. In other words, Systrom had the CEO title, but it was Zuckerberg — who called Systrom and Krieger “extraordinary product managers” in his statement about their resignation — who controlled Instagram’s destiny, with a focus on building a great business, not simply a great product. Facebook will likely name Adam Mosseri, currently VP of product, as the new leader of Instagram. WSJ Magazine rush-published this cover profile of Systrom following the news; here’s Kara Swisher’s 2017 interview with Systrom on the Recode Decode podcast. [Kurt Wagner / Recode]
Recode Daily: Instagram’s co-founders unfriended Facebook because of Mark Zuckerberg’s ‘bizarre meddling’
Plus, Bill Cosby goes directly to prison for three to 10 years; SurveyMonkey is feeling good about today’s IPO; Dunkin’ drops the “Donuts”; Yelp for noise and “Tinder for seniors.”
[Want to get the Recode Daily in your inbox? Subscribe here.]
Bill Cosby was sentenced to three to 10 years in state prison for drugging and sexually assaulting a woman at his home 14 years ago. The judge declared that Cosby is a “sexually violent predator,” requiring monthly counseling for the rest of his life and mandating that neighbors and schools be notified of his whereabouts. More than 60 women have accused Cosby of sexual misconduct. Cosby was led from the courtoom in handcuffs and was taken straight to prison as the judge denied him a request that he remain free on bail while he pursues an anticipated appeal. [Staff / The Hollywood Reporter]
Senate Republicans have hired a female attorney to question Christine Blasey Ford during this Thursday’s scheduled hearing about her allegation of sexual assault by Supreme Court nominee Brett Kavanaugh decades ago. Judiciary Committee Chairman Chuck Grassley, R-Iowa, declined to name the attorney out of concerns “for her safety.” GOP leaders signaled that they may keep the Senate in session over the weekend in order to tee up a potential floor vote on Kavanaugh’s nomination early next week. [Elana Schor, John Bresnahan and Burgess Everett / Politico]
SurveyMonkey IPOs today, trading on the Nasdaq as SVMK, and is expected to price itself at $12 a share, above the $9 to $11 it had been seeking, thanks to stronger-than-expected demand from investors. Salesforce Ventures has already agreed to purchase $40 million in a private placement at a price equal to the IPO price. [Leslie Picker / CNBC]
Billboards are having a surprising heyday in the era of internet advertising. Ads on billboards, buses and at venues like baseball stadiums are expected to see record spending this year. Worldwide ad spend on so-called “out-of-home” advertising is expected to reach $38 billion this year, up 3 percent since last year and 35 percent since 2010. This old-school ad format is booming precisely because digital ads are so commonplace — amid all the digital noise, it’s a guaranteed way to reach a broad swath of people. Many online brands are also investing in physical retail locations, which some have called “profitable billboards.” [Rani Molla / Recode]
Dunkin’ Donuts is dropping the “Donuts” from its ads, packages and signage at new and remodeled stores, as well as its social media accounts. The makeover is part of Dunkin’ Brand’s efforts to rebrand itself as a “beverage-led” company that focuses on coffees, teas, speedy service and to-go food including — but not limited to — doughnuts. Dunkin’ says that beverages, especially coffee, make up 60 percent of its company’s U.S. sales; the company plans to open 1,000 new U.S. stores by the end of 2020. [Danielle Wiener-Bronner / CNN Money]
TRUMP WATCH: ”Consumer confidence hits an 18 year high, close to breaking the all-time record. A big jump from last 8 years. People are excited about the USA again! We are getting Bigger and Richer and Stronger. WAY MORE TO GO!” ELON WATCH: Nothing shocking in days!
Top stories from Recode
But is it replacing or just supplementing artists’ capacity for creative expression? [Shirin Ghaffary]
On Recode Decode, Jawbone Health CEO Hosain Rahman reflects on past mistakes and explains what’s next. [Kara Swisher]
This is cool
This article originally appeared on Recode.net.
