More likely they're developing Code to compete with Sublime Text and the like. They don't have a product in that market and Microsoft's strategy is what it's always been: gaining marketshare.

Microsoft's success is [now] defined by developers active on MS technology. It underlies the open-sourcing of technologies long held proprietary, as well as the responsiveness to developer feedback.

Long term, I suspect the theory is if MS has a majority stake in the developer market, it can start defining the technology the world runs on (again). Its more of a give-take relationship though, with MS devoting resources to the resources developers actually use.