Jim Cramer Says TikTok Would Help Microsoft Challenge Facebook

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Microsoft is continuing to pursue negotiations to buy TikTok from parent company ByteDance. 

The company said that it will explore a purchase of its popular social media platform TikTok in the U.S in a blog post on Sunday. 

Microsoft is aiming to wrap negotiotians by September 15 and said "during this process, Microsoft looks forward to continuing dialogue with the United States Government, including the President."

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

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.

"Among other measures, Microsoft would ensure that all private data of TikTok’s American users is transferred to and remains in the United States. To the extent that any such data is currently stored or backed-up outside the United States, Microsoft would ensure that this data is deleted from servers outside the country after it is transferred," Microsoft said in its statement. 

While Jim Cramer told Street Lightning he thinks there's a better buyer, he said regulators would ultimately like the deal as it would allow Microsoft to compete with Facebook. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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