Evan Spiegel, CEO and co-founder of Snap Inc.

Shares of Snap jumped as much as 5 percent Tuesday after social media rival Instagram lost its co-founders, Kevin Systrom and Mike Krieger.

The photo-first sharing apps have long taken cues from each other. In 2016, Facebook-owned Instagram introduced a Stories feature similar to Snapchat's main functionality. Earlier this week, Snap announced a partnership with Amazon to aid social-based shopping — a space Instagram has been eyeing for months.

The simultaneous exits of Instagram's founders could signal trouble at the company and lead to a tumultuous transition period — either of which could be good for Snap.

Shares of Snap have been on a downward swing in recent weeks, down roughly 20 percent in the last 30 days. The stock is more than 50 percent off its 52-week high.

Play Video Snap is a nice to have for Amazon, not a game changer, says analyst