Microsoft Confirms Plans to Acquire US Arm of TikTok

In its statement, Microsoft said it may invite other American investors to participate on a minority basis in the purchase of TikTok. Financial terms were undisclosed.

TikTok’s US user data is stored in the US, with strict controls on employee access, and its biggest investors come from the US, the company said earlier Sunday.

“We are committed to protecting our users’ privacy and safety as we continue working to bring joy to families and meaningful careers to those who create on our platform,” a TikTok spokesperson said.

A federal committee has been reviewing whether Trump could ban TikTok in the US.

Its members agree that TikTok cannot remain in the US in its current form because it "risks sending back information on 100 million Americans,” Treasury Secretary Steven Mnuchin said.

“We all agree there has to be a change ... everybody agrees it can’t exist as it does," Mnuchin said Sunday on ABC's “This Week.”

As speculation grew over a ban or sale of the social media platform's US business, TikTok posted a video on Saturday saying, “We’re not planning on going anywhere.”

TikTok's catchy videos and ease of use have made it popular, and it says it has tens of millions of users in the US and hundreds of millions globally.

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Its parent company, Bytedance Ltd., launched TikTok in 2017.

It bought Musical.ly, a video service popular with teens in the US and Europe, and combined the two. It has a similar service, Douyin, for users in China.

But TikTok's Chinese ownership has raised concern about the potential for sharing user data with Chinese officials as well as censorship of videos critical of the Chinese government.

TikTok says it does not censor videos and it would not give the Chinese government access to US user data.

“The President, when he makes his decision, will make sure that everything we have done drives us as close to zero risk for the American people,” Pompeo said.

“That’s the mission set that he laid out for all of us when we get — we began to evaluate this now several months back. We’re closing in on a solution. And I think you will see the president’s announcement shortly.”