Microsoft confirms talks to acquire TikTok by September 15
Published By : Prameya News Bureau | August 03, 2020 IST
Share
San Francisco, Aug 3: Microsoft has officially confirmed it is in talks to acquire the operations of video-sharing platform TikTok in the US, Canada, Australia and New Zealand markets following a conversation between Microsoft CEO Satya Nadella and President Donald Trump. "Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States," the tech giant said in a blog post late on Monday. "Microsoft fully appreciates the importance of addressing the President's concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury," the company said. The official confirmation came after reports surfaced that Microsoft has halted its bid to buy the US operations of China-based TikTok after President Donald Trump vowed to ban the short-video making app that has over 80 million monthly users in the country. According to a report in The Wall Street Journal, a sale was thought close to agreement "but was put in doubt after the US president's warning". Microsoft said that it "will move quickly to pursue discussions with TikTok's parent company, ByteDance, in a matter of weeks, and in any event completing these discussions no later than September 15, 2020". During this process, Microsoft looks forward to continuing dialogue with the US government, including with the President. The discussions with ByteDance will build upon a notification made by Microsoft and ByteDance to the Committee on Foreign Investment in the United States (CFIUS). The two companies have provided notice of their intent to explore a preliminary proposal that would involve a purchase of the TikTok service in the US, Canada, Australia, and New Zealand and would result in Microsoft owning and operating TikTok in these markets. Microsoft said it may invite other American investors to participate on a minority basis in this purchase. Microsoft said it would ensure that all private data of TikTok's American users is transferred to and remains in the US. "To the extent that any such data is currently stored or backed-up outside the United States, Microsoft would ensure that this data is deleted from servers outside the country after it is transferred," it said. Trump said last week that he will ban the popular Chinese-owned video app TikTok from operating in the country through an executive order. Last week, TikTok unveiled a plan to offer creators $2 billion globally in the next three years. TikTok has denied any Chinese control over its operations. The move to ban TikTok comes at a time of heightened tensions between the Trump administration and the Chinese government over a number of issues, including trade disputes and Beijing's handling of the coronavirus pandemic. (IANS)
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
BSE Sensex up 42 points, analysts predict tensions in Middle East likely to weigh on stock markets
realme P Series to go on sale from April 22
ECoR to run 40 Summer Special trains
Semiconductor chips driving innovation in tech
ZEE withdraws merger implementation application from NCLT, to pursue claims against Sony
India’s GDP growth at 6.5 pc in 2024: UNCTAD
Microsoft invests $1.5 billion in UAE-based AI company G42
Mahindra unveils Bolero Neo+
Morgan Stanley does not expect RBI to go for a rate cut in 2024-25
Fintech firm BharatPe appoints Nalin Negi as CEO
Banks must provide simple key facts statement to borrowers on terms of loans: RBI
TCS announces new delivery centre in Brazil, to create 1,600 new jobs
New price of Ola S1 X range of e-scooters to start from Rs 69,999
Rising global risks could delay RBI rate cuts, say analysts
Sensex down more than 300 points on global headwinds
Edtech major upGrad creates 55k jobs in FY24
X bans over 2 lakh accounts in India for policy violation
This is how Tesla can produce a Rs 20 lakh 'Make in India' EV
Elon Musk looking for engineers, designers, tutors to join his AI company
India's Index of Industrial Production grows by 5.7% in February, 2024