No or no company would be able to use it. As you type fragments of code are sent and discarded after use. You need to trust Microsoft to actually do the discarding but contractually they do and you can sue them if they accidentally or deliberately keep your code around or otherwise mismanage it.
They are obligated to give data to the government, and government took part of spying in Brazil for Boeing in the past, but I guess they are using this capability only for a few strategic companies, and most companies are not that.
But that is naive, isn't it? Who has the money and time in their life, to actually sue MS? Even if "you" is a business, few will have the resources for that.
Individuals do not (although a class action would be feasible), but large companies that use Github and other Microsoft products, of course they have both the means to sue Microsoft and the motivation should their business be impacted.
