In a blog post, Microsoft announced that it will be continuing its talks to buy TikTok in the United States from parent company, ByteDance, after consulting President Donald Trump.
With a deal set to take place “in a matter of weeks,” President Trump and the Microsoft CEO Satya Nadella have looked to come to some form of agreement. Microsoft’s purchase of TikTok could easily run into billions of dollars and push Microsoft as Facebook‘s newest competitor.
The unexpected news comes after the controversial president announced a ban on the app in the U.S. through an executive action that eventually did not happen. With TikTok U.S. General Manager, Vanessa Pappas, releasing a statement noting that the platform is not planning on “going anywhere.”
“Microsoft appreciates the U.S. Governments and President Trump’s personal involvement as it continues to develop strong security protections for the country.”
Noting its focus on security, Microsoft said it is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the U.S. including the Treasury. Microsoft will also “ensure that all private data of TikTok’s American users are transferred to and remains in the United States.”
Finally, Microsoft could be looking to invite American investors to be part of the purchase on a minority basis and is looking to complete discussions “no later than September 15.”
Stay tuned for more details as the story develops.