Microsoft has announced on Sunday that it will continue discussions to acquire US operations of the popular video-sharing app TikTok.
The development came after the US President Donald Trump threatened to ban the Chinese-owned app citing security concerns.
The statement from the POTUS sparked widespread concern and panic among creators on the social media platform.
The tech giant in a statement has revealed that the company plans to complete these “discussions” with the app’s parent company, ByteDance, “no later than September 15, 2020.”
“Microsoft fully appreciates the importance of addressing the President’s concerns,” according to the statement.
“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 discussions with ByteDance will build upon a notification made by Microsoft and ByteDance to the Committee on Foreign Investment in the United States (CFIUS),” Microsoft wrote in the statement.
“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 United States, Canada, Australia, and New Zealand and would result in Microsoft owning and operating TikTok in these markets,” the company continued, adding further that it may invite other American investors “on a minority basis.”
According to the statement, Microsoft CEO Satya Nadella has spoken with Trump and will continue its pursuit of purchasing TikTok in the US.