After consulting with Trump, Microsoft to continue talks to buy TikTok

In a statement released Sunday night, Microsoft said it will continue talks to buy the popular video app TikTok, following a discussion between CEO Satya Nadella and President Trump.

TikTok is owned by the Chinese company ByteDance, and Microsoft would purchase the service in the U.S., Canada, Australia, and New Zealand.

On Friday, Trump said he was considering banning the app due to national security concerns, and Microsoft said in its statement the company "fully appreciates the importance of addressing the president's concerns" and 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."

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Microsoft said it expects to finish negotiations by Sept. 15, and if a deal is reached, will ensure that all data on American users is transferred to and stays in the United States, Reuters reports.