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Social media stocks broadly rise after Microsoft-LinkedIn deal

Soaring going up
Ralf Hirschberger | AFP | Getty Images

Social media stocks rose across the board on Monday after Microsoft announced it will buy LinkedIn.

The deal is worth $196 per share, or $26.2 billion and is expected to close by the end of this year. LinkedIn shares rose nearly 47 percent, while Dow component Microsoft slid more than percent.

LinkedIn also led the Global X Social Media Index ETF (SOCL) about 4 percent higher.

Twitter and Yelp were among the top performers in the ETF, as their stocks rose about 8 and 1 percent, respectively. Twitter shares ended the day up nearly 4 percent while Yelp shares reversed and closed down 0.7 percent.

Entering Monday's session, Yelp's stock had fallen nearly 7 percent this year, while Twitter's had fallen more than 39 percent in the same time period.

TWTR (blue) and YELP (green) in 2016Source: FactSet

Facebook, however, did not partake in the social media pop, as its shares were pressured by Citron Research's Andrew Left taking a short position in Facebook shares.