“I thought there was an international governing body that controlled domain names? How does a private company like Microsoft seize the name?”
A group of companies did it. If hackers can do it, a consortium of software companies would have no problem.
DNS servers direct the name to the IP address. An address may look like 151.101.129.121. Much easier to remember MyWebSite.com.
I understand how IP Addresses work. My question is what legal authority do private companies have to do this?