Microsoft confirmed in a statement Sunday that it has been involved in discussions with Chinese technology company ByteDance to purchase the social media app TikTok in the United States.
The company's statement comes two days after President Trump told reporters that he would ban the popular Chinese-owned video app from the U.S. amid reports that Microsoft was considering acquiring the platform.
As a result of private conversations between Microsoft CEO Satya Nadella and Trump, the president agreed to allow Microsoft to negotiate with ByteDance provided it could secure a deal within 45 days, Reuters reported on Sunday.
Microsoft ensured that TikTok user data would be located in the U.S. and that any information stored elsewhere would be deleted after it had been transferred
"This new structure would build on the experience TikTok users currently love, while adding world-class security, privacy, and digital safety protections," Microsoft said in its statement. "The operating model for the service would be built to ensure transparency to users as well as appropriate security oversight by governments in [the country]."