Microsoft Corp. and video-game chat company Discord Inc. have ended takeover talks after Discord rejected a $12 billion bid, according to people familiar with the matter.

The Discord Inc. logo on a smartphone arranged in Hastings-on-Hudson, New York, on Tuesday, March 23, 2021. Microsoft Corp. is in talks to acquire Discord Inc., a video-game chat community, for more than $10 billion, according to people familiar with the matter. Photographer: Tiffany Hagler-Geard/Bloomberg
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