Trump Says U.S. Should Get Cut of Any TikTok Sale Proceeds

President Trump says that TikTok would shut down Sept. 15, absent a sale. And he said the U.S. should get a share of any sale proceeds.
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President Donald Trump said Monday that the United States should receive "a substantial portion" of any sale price of Chinese-owned video app TikTok.

Speaking at the White House, Trump said that China would receive a large amount of money from such a sale and noted that the United States should receive money in return for letting the acquisition go through.

“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,” Trump said, according to media reports. 

He did not explain how this payment would work.

Trump said that TikTok would shut down Sept. 15 unless Microsoft  (MSFT) - Get Report or another company purchased the app from Beijing-based parent ByteDance. 

The Trump administration has upped its pressure on the Chinese government in recent months and threatened to ban TikTok. Trump and U.S. legislators have expressed concern that American users' data would not be secure in the hands of the Chinese-owned company. 

Microsoft confirmed that it would wrap up negotiations with the company no later than Sept. 15 and "during this process, Microsoft looks forward to continuing dialogue with the United States Government, including the President."

The company said that it decided to continue negotiations following a conversation between Microsoft Chief Executive Satya Nadella and Trump, who tweeted last week that he would seek to ban the app in the U.S.

The Treasury Department's Committee on Foreign Investment in the United States, which reviews foreign deals for potential security risks, gave Microsoft and ByteDance 45 days to reach a deal, Reuters reported.

Microsoft is interested in purchasing TikTok's operations in the U.S., Canada, Australia and New Zealand, and the company said it may invite other American investors to join as minority investors.