No, this is not a joke, see below. I guess this is an improvment from it being the LinkedIn icon. I will also note this issue only occurs on the Exchange home page. It does not occur on the sub exchanges.
I’m wondering if this could be a Safari iOS iPad bug. Please note that restarting Safari as well as the iPad does not resolve this issue. And please, oh please, don’t make me clear my cookies and cache ;)
At least I’m entertained by this latest web icon as it makes me think of Austin Powers.