Clancy Morgan/Business Insider
- Shares of Microsoft rose nearly 5% Monday after confirming Sunday that it is continuing talks to buy popular social media platform TikTok in the US.
- The gains added as much as $77 billion to Microsoft’s market capitalization, bringing its total value to $1.6 trillion.
- The news comes after President Donald Trump said Friday that he would order the Chinese parent company ByteDance to sell its US operations.
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Shares of Microsoft rose nearly 5% Monday, adding billions to the company’s already lofty market capitalization. Now, the company’s total market value is $1.6 trillion.
Microsoft said in a Sunday statement that it plans to complete discussions with ByteDance, the platform’s parent company, by September 15. The statement also said that the talks will continue following a discussion between Microsoft CEO Satya Nadella and President Donald Trump.
News of the continuing talks comes after Trump said Friday that he would order the Chinese ByteDance to sell its US operations. He later told reporters on Air Force One that he would ban the Chinese-owned social media platform in the US, citing security concerns.
“Microsoft fully appreciates the importance of addressing the President’s concerns,” the company said in a statement. “It 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.”
Shares of Microsoft have gained roughly 36% year-to-date.