(Bloomberg) -- Microsoft Corp. and Bytedance Ltd. have put acquisition talks for TikTok on hold after President Donald Trump said Friday he would oppose the deal, Dow Jones reported, citing people familiar with the matter who weren’t identified.
ADVERTISEMENT
Trump’s comments prompted TikTok to make additional concessions, including agreeing to add as many as 10,000 jobs in the U.S. over the next three years, according to the report.
ADVERTISEMENT
Microsoft was exploring an acquisition of TikTok’s operations in the U.S., people familiar with the matter said Friday. A deal would give the software company a popular social-media service and relieve U.S. government pressure on the Chinese owner of the video-sharing app.
©2020 Bloomberg L.P.