Photo: Slack

Slack shares soared and trading in the workplace collaboration company was briefly halted on Monday, after a report stating the company had landed IBM as its biggest-ever customer.

Yes, but: The thing is, IBM was already Slack's largest customer and has been for a couple of years. In an SEC filing, Slack said IBM has been adding additional Slack licenses over time and that it is not changing its financial forecast for the current quarter.

IBM's use of Slack began in 2014, with a group of 68 engineers and grew from there. IBM was one of the first users of Slack's Enterprise Grid and had more than 165,000 users by last year. Today it has more than 300,000 users and offers slack to all employees.

Why it matters: Microsoft has been increasingly going after Slack with its Teams product, which it bundles with Office. Slack has been eager to show its chops, especially among larger businesses that Teams isn't yet equipped to handle.

By the numbers: Shares of Slack ended regular trading on Monday at $26.54, up $3.55, or more than 15%. However, the stock fell in after-hours trading after Slack made its SEC filing, changing hands recently at $24.85, down $1.69, or more than 6%.

Go deeper

Big Tech's Hong Kong bind

Illustration: Sarah Grillo/Axios

Big Tech companies are scrambling to figure out what China's imposition of a new national security law in Hong Kong means for their businesses there.

The big picture: Tech companies, like other multinationals, had long seen bases in Hong Kong as a way to operate close to China without being subject to many of that country's most stringent laws. Now they likely must choose between accepting onerous data-sharing and censorship requirements, or leaving Hong Kong.

2020 could decide fate of Keystone and Dakota Access pipelines

Illustration: Sarah Grillo/Axios

Two new court actions — one by the Supreme Court and another by a federal judge — together highlight and raise the energy stakes of November's election.

Why it matters: The legal actions mean the results of the 2020 election could very well decide the fate of Keystone XL and Dakota Access, two projects at the heart of battles over fossil fuel infrastructure.

Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 11,648,268 — Total deaths: 538,828 — Total recoveries — 6,328,930Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 2,938,750 — Total deaths: 130,310 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. Axios-Ipsos Coronavirus Index: Our response is becoming more polarized.
  4. Business: Rising cases pause U.S. economic recovery — Hospitals, doctors are major recipients of PPP loans.