Microsoft is buying part of the social network TikTok, its U.S. division. The Redmond company is also considering a purchase Canada, Australia, and New Zealand operations of TikTok.There was a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump. Microsoft 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.
TikTok is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based internet technology company. It is used to create short dance, lip-sync, comedy and talent videos. Currently, the app allows users to create short music and lip-sync videos of 3 to 15 seconds, and short looping videos of 3 to 60 seconds.
TikTok is currently owned by Chinese company ByteDance. Trump has a number of concerns about security when it comes to Chinese companies. So if Microsoft buys TikTok's U.S. operations, this will allow keeping users' data in the U.S. instead of possibly being processed in China.
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). The two companies have provided notice of their intent to explore a preliminary proposal that would involve a purchase of the TikTok service in the United States, Canada, Australia, and New Zealand and would result in Microsoft owning and operating TikTok in these markets. Microsoft may invite other American investors to participate on a minority basis in this purchase.
Says the official statement.
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