Article about LinkedIn
LinkedIn is a business and employment-focused that works through websites and mobile apps. It was launched on May 5, 2003 by Reid Hoffman and Eric Ly Since December 2016, LinkedIn has been a wholly owned subsidiary of Microsoft. The platform is primarily used for professional networking and career development, and allows jobseekers to post their CVs and employers to post jobs. From 2015, most of the company's revenue came from selling access to information about its members to recruiters and sales professionals. LinkedIn has more than 1 billion registered members from over 200 countries and territories. The company was founded in December 2002 by Reid Hoffman and the founding team members from PayPal and Socialnet.com (Allen Blue, Eric Ly, Jean-Luc Vaillant, Lee Hower, Konstantin Guericke, Stephen Beitzel, David Eves, Ian McNish, Yan Pujante, Chris Saccheri). In late 2003, Sequoia Capital led the Series A investment in the company. In August 2004, LinkedIn reached 1 million users. In March 2006, LinkedIn achieved its first month of profitability. In April 2007, LinkedIn reached 10 million users. In February 2008, LinkedIn launched a mobile version of the site
In June 2008, Sequoia Capital, Greylock Partners, and other venture capital firms purchased a 5% stake in the company for $53 million, giving the company a post-money valuation of approximately $1 billion. In November 2009, LinkedIn opened its office in Mumbai and soon thereafter in Sydney, as it started its Asia-Pacific team expansion. In 2010, LinkedIn opened an International Headquarters in Dublin, Ireland received a $20 million investment from Tiger Global Management LLC at a valuation of approximately $2 billion, announced its first acquisition, Mspoke, and improved its 1% premium subscription ratio. In October of that year, Silicon Valley Insider ranked the company No. 10 on its Top 100 List of most valuable startups. By December, the company was valued at $1.575 billion in private markets. LinkedIn started its India operations in 2009 and a major part of the first year was dedicated to understanding professionals in India and educating members to leverage LinkedIn for career development.In April 2014, LinkedIn announced that it had leased 222 Second Street, a 26-story building under construction in San Francisco's SoMa district, to accommodate up to 2,500 of its employees, with the lease covering 10 years. The goal was to join all San Francisco-based staff (1,250 as of January 2016) in one building, bringing sales and marketing employees together with the research and development team. In March 2016 they started to move in. In February 2016 following an earnings report, LinkedIn's shares dropped 43.6% within a single day, down to $108.38 per share. LinkedIn lost $10 billion of its market capitalization that day.
In 2016, access to LinkedIn was blocked by Russian authorities for non-compliance with the 2015 national legislation that requires social media networks to store citizens' personal data on servers located in Russia.
In June 2016, Microsoft announced that it would acquire LinkedIn for $196 a share, a total value of $26.2 billion. It was the largest acquisition made by Microsoft, until the acquisition of Activision Blizzard in 2022. The acquisition would be an all-cash, debt-financed transaction. Microsoft would allow LinkedIn to "retain its distinct brand, culture and independence", with Weiner to remain as CEO, who would then report to Microsoft CEO Satya Nadella. Analysts believed Microsoft saw the opportunity to integrate LinkedIn with its Office product suite to help better integrate the professional network system with its products. The deal was completed on December 8, 2016.
In late 2016, LinkedIn announced a planned increase of 200 new positions in its Dublin office, which would bring the total employee count to 1,200. Since 2017 94% of B2B marketers use LinkedIn to distribute content.