I know I’ve covered the use of CTRL-K in Word before, as a means to create “pretty links” in a Word document. There were alternative ways to do that in Word, but there seems to be a lack of user interface options to do the same thing in Microsoft Teams. Here’s how you can use the keyboard shortcut of CTRL-K to format words and phrases into hyperlink URLs…
Here in a Teams chat, I want to turn the words Microsoft Bing into a clickable link:

To do that, I highlight the words Microsoft Bing and press CTRL-K. This brings up a dialog box to enter a URL that goes along with the words Microsoft Bing:

I type in the URL for Microsoft Bing and click Insert:

I now have a clickable link that doesn’t appear as a (potentially) long URL:
