MSFT - Why Slack Technologies Stock Fell on Wednesday
Shares of channel-based messaging platform Slack Technologies (NYSE: WORK) fell sharply on Wednesday, declining more than 5% by the time the market closed. The stock's decline came as Slack filed an antitrust complaint against Microsoft (NASDAQ: MSFT) in Europe.
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Slack's competition complaint argues that Microsoft is participating in an illegal anticompetitive practice of "abusing its market dominance to extinguish competition in breach of European Union competition law," the company said in a statement about the complaint. "Microsoft has illegally tied its Teams product into its market-dominant Office productivity suite, force installing it for millions, blocking its removal, and hiding the true cost to enterprise customers."