President Donald Trump wanted Microsoft to totally buyout Chinese-owned TikTok rather than settling for a small part of the social video app.
This is according to a CNBC report.
Moreover, Trump suggested that Microsoft should pay the U.S. Treasury as part of the deal.
Trump told reporters in the Cabinet Room at the White House on Monday:
“I think buying 30% is complicated, and I suggested that he can go ahead, he can try.”
The President is referring to his conversation over the weekend with Microsoft CEO, Satya Nadella.
The comments came a day after Microsoft confirmed a statement that it had considered buying TikTok.
Microsoft intended to operate the app for the U.S., Canada, Australia, and New Zealand.
The Sense Of Urgency
The app will face a ban in the U.S. if it is not sold come September 15th, hence, there is a sense of urgency.
Trump said this on Monday.
While on Sunday, Microsoft said that it wants to conclude talks with ByteDance by that date.
TikTok might also be facing a ban after US policymakers expressed their concerns about the app as tension between the United States and China escalates.
Policymakers are asserting that it could pose a risk on the US’s national security.
Chinese company, ByteDance, owns TikTok.
Microsoft’s largest acquisition to date is the 2016 purchase of business social network, LinkedIn.
The tech giant bought LinkedIn at the price of $27 billion.
However, Reuters reported last week that ByteDance’s value is worth $50 billion.
Meanwhile, Microsoft shares rose 5.6% during Monday’s trading session, which was mostly positive for tech stocks overall, said the report.
Conversely, the current trade war between the US and China has the rise of TikTok in their many concerns.
Trump administration officials argued that the TikTok platform delivers useful information to the Chinese Communist Party.
Nevertheless, TikTok has said “TikTok U.S. user data is stored in the U.S.”