Clock Is Ticking for Microsoft to Buy TikTok

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Microsoft  (MSFT) - Get Report CEO Satya Nadella might be constantly looking at his watch every day ever since he chatted with U.S. President Donald Trump on Microsoft's intention to buy widely popular social media app TikTok.

On Sunday, the company confirmed on its blog that it's continuing its discussion on the potential purchase of the app.

"Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump, Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States, " Microsoft said.

The company was holding a secret conversation to buy the social media company, which was briefly halted when U.S. President Trump announced that his administration was banning TikTok.

"As far as TikTok is concerned, we're banning them from the United States," Trump told reporters on August 1. "Well, I have that authority," he added.

TikTok has been under a lot of scrutiny for its Chinese ownership—it is owned by Chinese company ByteDance. The Trump administration has been expressing its concern that TikTok might share its user data with the Chinese government.

It's worth noting that the company was banned in India, along with 58 other Chinese apps, on June 30, with the Indian government citing "national security concerns."

TikTok's CEO Kevin Mayer has been battling the controversy surrounding TikTok ever since he left Disney  (DIS) - Get Report to take the reins of the company in May. He has consistently said that his company would never share data with China.

“The one thing that will not change is our commitment to ensuring that TikTok remains a safe and secure platform for the tens of millions of American families that derive joy from it," Mayer said.

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