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  • US President Donald Trump said TikTok has until 15 September to find a US buyer or else face a ban.
  • Microsoft is reportedly in talks to purchase TikTok, a move that Trump said on Monday that he would support.
  • He also said the US Treasury should receive payment as part of a potential deal in which TikTok is sold to a US company.
  • Trump has previously threatened to ban the app, which is owned by ByteDance, a Beijing-based company.
  • Visit Business Insider SA's homepage for more stories.

US President Donald Trump's administration will take action to ban TikTok unless it's sold to a US company by 15 September, Trump told reporters at the White House Monday afternoon.

He also said he approves of a possible sale to Microsoft, which has expressed interest in buying TikTok.

Trump has previously threatened to ban TikTok, which is owned by Beijing-based ByteDance. US lawmakers and members of the Trump administration have said the massively-popular video sharing app poses a national security threat because it's owned by a Chinese company.

TikTok is reportedly looking for a potential US buyer following increasing pressure from the Trump administration, and Microsoft announced Sunday that it is interested in potentially buying the company. In its statement announcing its plans, Microsoft said it wanted to finalise the deal "no later than September 15, 2020."

"During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President," Microsoft said in the statement.

Trump said Monday that he would approve of a deal involving a sale to Microsoft, and added that he expects payment to the US Treasury as part of the deal, possibly referencing taxes paid on the acquisition. He previously said on Friday that he did not approve of such a sale and instead wanted to ban TikTok outright, but his stance softened after speaking to Republican lawmakers and Microsoft CEO Satya Nadella, according to The New York Times.

TikTok did not immediately respond to a request for comment.

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