US suspends Microsoft from green card program amid foreign worker crackdown

Microsoft shares slipped 1.35% to $522.61 after the U.S. Department of Labor suspended the company, Adobe, and major IT service providers from the Permanent Labor Certification (PERM) program. Announced by Vice President JD Vance and Labor Secretary Keith Sonderling, the move halts new and pending green card applications amid fraud investigations. Vance alleged Microsoft laid off 6,000 U.S. workers while securing 6,300 H-1B visas and roughly 3,000 green cards to replace staff. Microsoft defended its practices, stating 80% of its approximately 6,000 H-1B filings last fiscal year were extensions for existing personnel.