ByteDance became the world's largest startup thanks to the success abroad of TikTok, which American lawmakers accuse of posing a threat to national security by vacuuming up data
If successful, Microsoft will take over the app's operations in the US and potentially also in Canada, Australia and New Zealand
Microsoft made the announcement after its chief executive, Satya Nadella, talked with President Trump, who had threatened to ban the hugely popular social media company, which is owned by ByteDance
The president's interventions in company dealings based on his own instincts are a departure from the arm's-length approach of predecessors of either party
Microsoft said Sunday that CEO Satya Nadella had spoken to Trump and "is prepared to continue discussions to explore a purchase of TikTok in the United States"
A formal announcement from ByteDance's founders on setting up shop in London is expected soon, said the report
Microsoft on Sunday said it aims to complete a deal by Sept. 15 for TikTok's U.S., Canada, Australia and New Zealand operations
The proposed acquisition of parts of TikTok, which boasts 100 mn US users, would offer Microsoft an opportunity to become a major competitor to social media giants such as Facebook and Snap Inc
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American software giant confirms talks to buy the short-video sensation that boasts more than 100 million users in the US alone
President Donald Trump only agreed to allow Microsoft Corp to negotiate the acquisition of popular short-video app TikTok if it could secure a deal in 45 days
TikTok has had a fraught relationship with the United States government for some time
One idea under consideration is to give Microsoft and ByteDance a transition period to develop technology for TikTok that will be completely separate from ByteDance
The Chinese firm also said it faced 'complex and unimaginable difficulties' as it worked to grow into global company
Senator John Cornyn, a Texas Republican, said on Twitter that a divestment "and purchase by U.S. company is win-win."
Mnuchin said he and US congressional leaders "all agree there has to be a change."
Mnuchin said he has spoken to several top American lawmakers and all agree that 'there has to be a change'
Talks to buy the music video app will move quickly "in a matter of weeks" and are expected to be completed no later than Sept. 15, Microsoft said in a statement
Pompeo's remarks followed reports that Microsoft is in advanced talks to buy the US operations of TikTok
ByteDance's concession will test whether Trump's threat to ban the app is a negotiating tactic