Global technology giant Microsoft may possibly purchase TikTok, the Chinese video-sharing social networking service owned by ByteDance, which has exponentially grown in popularity.
The announcement of the purchase came after a discussion between US President Donald Trump and Microsoft CEO Satya Nadella. The former has expressed his concerns over the security of TikTok and warned that the social networking service may discontinue its operations in the country.
Microsoft said 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.”
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The technology company said it hopes to get a deal by Sept. 15, 2020.
“The discussions with ByteDance will build upon a notification made by Microsoft and ByteDance to the Committee on Foreign Investment in the United States (CFIUS),” Microsoft said.
Exploratory talks will commence soon as both companies have already expressed their intentions on the acquisition. Should this push through, Microsoft will operate TikTok services in Australia, Canada, New Zealand, and the US. Microsoft said it may invite other American investors to participate on a minority basis in this purchase.
The technology company also assured that TikTok users will still enjoy the same experience but will strengthen its security features, privacy, and digital safety protections.
“The operating model for the service would be built to ensure transparency to users as well as appropriate security oversight by governments in these countries.
Microsoft, however, reiterates that these are exploratory talks only and said that it would cease further announcements until “there is a definitive outcome of our discussions.”