Yes, MS has Skype, which is why they want Discord. They are completely incapable of creating a competent program themselves, and so they can't compete with Discord, so they want to do what all giant businesses (monopolies) do and buy out their competition to force people to use their product instead of improving their own product so people will actually prefer it. And if they do buy it, they may not even actually make use of it, but just kill it off, though I doubt that would be the case here. I'm already a bit wary of Discord since they're a bit questionable when it comes to privacy and transparency, and if MS buys them that will just become 1,000x worse overnight, so yeah, I'll be switching to something else.
I really do hope they decide to go the IPO route, assuming that hasn't been the plan all along. Then again, even if they do that, it'll likely start going downhill, since once they have stockholders to answer to and start focusing on quarterly profits over long-term performance, the quality will suffer, as is typical in those situations.