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Microsoft to Shut Down LinkedIn in China
Microsoft announced the shutdown of LinkedIn in China through a blog post on Thursday. The country is continuing to expand its internet censorship and, hence, impacting a lot of companies’ operations. Microsoft to shut down LinkedIn in China has aided them to invest in another platform in the country. LinkedIn will launch a job search site in China called InJobs, which will exclude all the LinkedIn social media features and just function as a job search engine.
Why is LinkedIn Shutting Down in China?
In the past the Chinese government blocked Facebook, Twitter, and other social media platforms due to their strict regulations. The country has implemented some very tight regulations for both local and foreign tech companies over the years. This was a challenging period for some companies to pursue their operations in China, leading them to shut down their services.
LinkedIn launched in China in 2014 with limited features in accordance with the strict internet laws in the country. According a recent blog post Microsoft claim “ we have not found that same level of success in the more social aspects of sharing and staying informed. We’re also facing a significantly more challenging operating environment and greater compliance requirements in China.”
This resulted in Microsoft deciding to shut down LinkedIn in China. LinkedIn was one of the last major U.S. social network platforms still operating in China.
What Does This Mean for Microsoft?
LinkedIn reportedly is currently China’s third-largest market. In July, Microsoft CEO Satya Nadella said LinkedIn contributed about $10 billion to their annual revenue. Microsoft acquired LinkedIn in 2016 for $26.2 billion, and grew it into a platform used by 54 million people in China
Many local businesses may be disadvantaged by the discontinuation of LinkedIn services and opt for the InJobs site to maintain the job market. Despite this news, when it comes to Microsofts’ shares, the tech giant’s share price has risen by more than 1.7% in just a couple of days. Microsoft is currently trading at $304 per share.
Year after year, Microsoft is ranked as one of the top-performing tech stocks in the United States. Microsoft’s stocks are steadily increasing and in fact, have increased by more than 36% since the start of 2021.
Final Thoughts
The Chinese government has cracked down on internet, fin tech, and tech companies in recent months. This has caused some companies to make drastic changes, whereas others have had to shut down their operations in the country.
LinkedIn seems to be the final major tech company to remove its operations from China. Reportedly, Microsoft has said that they will continue to work with businesses in China to help create economic prosperity for the future.
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