Microsoft advises:
Final status: We've confirmed that the fix successfully resolved the issue, though some users will be required to restart their email client for the change to take effect. In some circumstances, a second restart may be necessary.
The provider reports this issue has been identified and a fix is being applied.
More info from Microsoft: Current status: We’ve identified the underlying cause of impact and are applying a fix. This fix will reach all affected users incrementally over the course of the next four-to-five hours. Once users receive the fix, they will need to restart their email client to apply the fix. In some circumstances, users may need to restart their client a second time for the changes to take effect. We expect to complete this process and restore service for all affected users by May 12, 2021, at 3:00 AM UTC.
We have observed problems with Microsoft which may impact your team. Please view our status page at status.rebootnetworks.com for more information.
We will continue to post updates every 3-4 hours during the business day, or as updates are available from the providers involved, to our status page. We will send additional push notifications (via email, SMS/text message, etc.) only for critical new information or to advise of resolution.
Microsoft has acknowledged and is investigating an issue with email message visibility in Outlook. Outlook on the web appears to be unaffected at this time.
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