Negotiations between Microsoft and Bytedance, the parent company of the Chinese video-sharing app TikTok, have stalled amidst President Donald Trump’s announcement that he plans to ban the social media app from the United States.
According to The Wall Street Journal, Microsoft halted the negotiations process despite the willingness of Bytedance to reportedly try and sweeten the deal, which could have been finalized as soon as next week.
A White House spokesperson told the WSJ on Saturday that the Trump administration “has very serious national security concerns over TikTok. We continue to evaluate future policy.”
Late Friday evening, Trump told reporters that “as far as TikTok is concerned, we’re banning them from the United States.” During the remarks, the president floated the possibility of using either an executive order or emergency economic powers to proceed.
According to Bloomberg News reporter Jennifer Jacobs, the president also dismissed the idea of allowing a U.S. company to purchase the social media app, a