US President Donald Trump said Microsoft can buy Chinese-owned social media app TikTok, after he had previously planned to ban it from the country entirely.
Speaking from the White House on Monday, Trump said that TikTok will be “out of business in the United States” by September 15, unless a “very American company” purchased it.
The president added that US Treasury should receive money in return.
“I said a very substantial portion of that price is going to have to come into the Treasury of the United States because we’re making it possible for this deal to happen.”
His comments came following a meeting with Microsoft CEO, to whom he said “he can go ahead, he can try” the acquisition.
Last week, TikTok was placed under formal investigation by the US Committee on Foreign Investments, amid allegations that user data could be shared with the Chinese government, allegations widely seen internationally as the US attempting to secure autonomy over both international business and hurt the Chinese economy.
Seattle-based tech giant Microsoft is reportedly in talks to acquire the company from ByteDance while TikTok is said to be ready to move their offices to the UK.