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Software giant Microsoft is venturing into the social media space by acquiring LinkedIn for $196 per share. The shares of the professional social platform have spiked higher by 48 per cent to trade around 194.40 as of writing.
The acquisition is yet another channel through which Microsoft is aiming to expand its lead in business software solutions.
The current Chief Executive Officer (CEO) of the company Jeff Weiner will remain in his position and will be reporting directly to the CEO of Microsoft Satya Nadella. The companies are expecting to seal the deal by the end of 2016.
Commenting on the announcement, ... (read more)