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Microsoft shares rose almost 1 percent to hit a record high of $101.79. At the time, Microsoft corporate vice president Brian Harry said: "Over the years, we've seen a lot of incredible options come and go but at this point, GitHub is the de facto place for open source sharing and most open source projects have migrated there". Chris Wanstrath, a GitHub cofounder and the current CEO, will take the new title of Microsoft Technical Fellow, and remain an advisor to the company. It will continue to support the programming languages, tools and operating systems of the user's choice. Now it looks as though Microsoft may be its new owner. From the largest corporations to the smallest startups, GitHub is the destination for developers to learn, share and work together to create software. Microsoft's CEO, Steve Ballmer, has even been quoted calling Linux a "cancer" in the past.

In the cryptocurrency world, GitHub plays a major role as it is the platform where the cryptocurrencies launch their TestNets; a mock version of their MainNets before the launch.

The open-source model was once anathema to Microsoft, the leading commercial software company. This deal will mark another dramatic step in that direction.

"Microsoft is a developer-first company, and by joining forces with GitHub we strengthen our commitment to developer freedom, openness and innovation", Microsoft CEO Satya Nadella said in a press release.

The deal is a big bet on Azure, the company's fast-growing cloud business, as it will be able to lure more code developers who use GitHub and drive more business to Microsoft.

Some developers are upset at the deal, concerned that Microsoft will lock GitHub down to not work with any competitors' technologies.

GitHub is an essential tool for coders. Many corporations, including Microsoft and Alphabet Inc.'s Google, use it to store their corporate code and to collaborate.

This is Microsoft CEO Satya Nadella's second largest acquisition after the company bought professional social media network LinkedIn for $26.2 billion two years ago. It also didn't have a particularly healthy 2016, losing $66 million over three quarters.

GitHub has been struggling to replace Chris Wanstrath since he stepped down from his role as CEO almost a year ago.

However, CNBC mentions that the acquisition would be for a price of 5000 million dollars or more, according to the expectations of GitHub. Microsoft is the top contributor to the platform, and it insists that it won't muck things up once the acquisition closes later this year, noting that GitHub will operate independently.