Microsoft in advanced talks to buy TikTok in US

Microsoft in advanced talks to buy TikTok in US

Microsoft in advanced talks to buy TikTok in US

President Donald Trump announced on Friday on Air Force One his intention to ban TikTok, with American authorities raising concerns the service could be a tool for Chinese intelligence. We're not planning on going anywhere.

Trump told reporters he planned to take action "as soon as Saturday".

The White House had earlier rejected a proposal under which ByteDance would retain a minority stake in TikTok's U.S. business. Apparently some U.S. based ByteDance investors would be able to acquire minority stakes in the business.

Treasury Secretary Steve Mnuchin has also weighed in on the fate of the Chinese-owned app, saying that the U.S. is "not keeping TikTok in its current form".

In a statement Saturday, a White House spokesperson said, "The administration has very serious national security concerns over TikTok".

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The negotiations between Microsoft and ByteDance, the Chinese internet giant that TikTok owns, were at an advanced stage.

Tiktok's US General Manager Vanessa Pappas appeared in a one-minute video released Saturday morning in response to Trump's comment about banning the app.

Trump "has a deal on his desk" whereby Microsoft would lead an acquisition of 100% of the USA operations of TikTok, Axios' Dan Primack reported yesterday.

Earlier this month, Larry Kudlow, Trump's top economic adviser, said he had been informed the eventual buyer of TikTok "will be a one hundred percent American company".

The potential acquisition would give TikTok an opportunity to regain Americans' trust and build on its current success, particularly among young users. The US has been locked in tense trade disputes with China over the past few years.

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Sources told FOX Business the day before that ByteDance was looking to sell the short-form video app with more than 2 billion downloads worldwide to Microsoft. However President Trump is right to want to make sure that the Chinese Communist Party doesn't own TikTok and most importantly - all of your private data, ' the senator tweeted. However, he opposed the deal by stating that Microsoft will only act as a background player with the majority of work will be carried out by Bytedance itself.

TikTok's fun, goofy videos and ease of use has made it immensely popular, and U.S. tech giants like Facebook and Snapchat see it as a competitive threat. It's not clear how he might implement the ban, but following the announcement, Microsoft reportedly paused negotiation with TikTok's Chinese parent company, ByteDance, to buy its U.S. operations. TikTok plans on hiring another 10,000 people in the next three years.

"The good news is we're getting almost every member of Congress aligned along the administration's policies on China", Pompeo said, adding that "the tide is turning ... not only here in the United States, but all across the world" in recognizing the threat posed by the Chinese Communist Party. Ordering the divestment of TikTok would not be the first time the White House has taken action over such concerns. The app is run by the Beijing-based company ByteDance.

Other Chinese companies have been forced to divest apps by the USA government.

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