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Microsoft Stock Dips Amid US Green Card Probe
8 Oct
Summary
- US suspends Microsoft from permanent labor certification program.
- Italy investigates Microsoft-owned gaming firms over virtual currency.
- Microsoft stock declined nearly 2% amid regulatory scrutiny.
Microsoft's stock experienced a nearly 2% decrease on Thursday due to regulatory actions in both the United States and Europe.
The U.S. Labor Department has suspended Microsoft from its Permanent Labor Certification (PERC) program, halting new and pending applications for foreign worker green cards. This action stems from alleged fraud and concerns about American workers, with accusations that Microsoft laid off thousands of U.S. employees while obtaining visas and green cards for foreign nationals.
In parallel, Italy's antitrust authority, with support from the European Commission, has opened an investigation into Microsoft-owned gaming companies such as Activision Blizzard. The probe scrutinizes the transparency of virtual currency practices, potential "dark patterns" influencing consumer spending, and protections for vulnerable consumers, including minors.
