President Donald Trump granted ByteDance 45 days to negotiate with Microsoft with a deal to buy it. On Sunday, Microsoft posed interest in the short-video making app after President recourse its ban. It gave the two firms 45 days to negotiate and come to a deal.
Owning the proposed giant, Microsoft could enter the social media market which boasts 100 Mn US users. It would offer a rare opportunity for Microsoft to compete with Facebook Inc and Snap Inc.
Seeking to a larger part, Microsoft is planning to buy Tik Tok’s Canadian, New Zealand, and Australian interests.
However, ByteDance has not confirmed the sale talks. Although, in an internal letter to the staff, according to Reuters, the company’s founder and CEO Zhang Yiming said that it had started to have talks with the tech company. But certainly, it did not clarify the same “for us to continue offering the TikTok app in the U.S.”
The deal will be overseen by the Committee of Foreign Investment in the United States. “We disagree with this CFIUS conclusion,” the letter said and added: “…we understand the decision in the current macro environment.”
However, in a statement of Microsoft, it said, “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.”