Refer to the input text as context and select the correct relationship between 'Hotmail' and 'Microsoft' from the available options.
Options: brand, stock exchange, manufacturer, owned by

He had worked for Microsoft (NasdaqGS: MSFT - news ) for over 20 years, specialising in more recent years in the sale and marketing of online products MSN Messenger, Hotmail and Bing.
owned by