Trump gives 45-day window to Microsoft to buy TikTok
For US software giant, a buy would give it ample heft in social media
Washington: President Donald Trump only agreed to allow Microsoft Corp to negotiate the acquisition of popular short-video app TikTok if it could secure a deal in 45 days, three people familiar with the matter said.
The move represents an about-face for Trump and prompted the US tech giant to declare its interest in the blockbuster social media deal that could further inflame US-China relations. Trump said on Friday he was planning to ban TikTok amid concerns that its Chinese ownership represents a national security risk because of the personal data it handles.
See More
- COVID-19: Three people in car rule is still applicable, Dh3,000 fine for violations
- Cost and process explained as Dubai tourist and visit visas open
- Tenants’ rights in the UAE: My landlord is not giving my security deposit back. What do I do next?
- UAE: How to repatriate your domestic worker after visa expires
The proposed acquisition of TikTok, which boasts 100 millions US users, would offer Microsoft a rare opportunity to become a major competitor to social media giants such as Facebook Inc and Snap Inc. Microsoft also owns professional social media network LinkedIn.
Trump had dismissed the idea of a sale to Microsoft on Friday. But following a discussion between Trump and Microsoft CEO Satya Nadella, the company said in a statement on Sunday that it would continue negotiations to acquire TikTok from ByteDance, and that it aimed to reach a deal by September 15.
This is a deadline that was put to ByteDance and Microsoft by the Committee on Foreign Investment in the US (CFIUS), which scrutinizes deals for potential national security risks.