Microsoft’s share price jumped on Monday morning, a day after the tech giant confirmed it’s moving forward with talks to acquire TikTok’s U.S. operations, as well as the company’s operations in Canada, New Zealand and Australia.
A little more than an hour into trading on Monday, Microsoft’s stock price was up about 4% to $213.50 per share. The jump puts the company within striking distance of hitting its all-time high of $216.38, which it hit earlier this month.
On Sunday, Microsoft said it was still looking to acquire TikTok’s U.S. business from Bytedance, its Beijing-based parent company, as the wildly-popular video app faces a potential ban from President Trump over national security concerns. Microsoft said it was continuing negotiations after CEO Satya Nadella had talked to President Trump about the potential deal. The company also said it will have to move quickly, with a Sept. 15 deadline set for when the deal could be completed.
“Microsoft fully appreciates the importance of addressing the President’s concerns. 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,” the company said in its statement.
“Microsoft would ensure that all private data of TikTok’s American users is transferred to and remains in the United States,” the company went on. “To the extent that any such data is currently stored or backed-up outside the United States, Microsoft would ensure that this data is deleted from servers outside the country after it is transferred.”
For his part, Nadella has spearheaded several acquisitions since taking the reins at Microsoft in 2014. Perhaps most notably, Microsoft acquired LinkedIn for more than $26 billion in 2016.
Bytedance bought Musical.ly, another popular lip-syncing app, in late 2017. Bytedance later merged the app with TikTok, its homegrown app allowing users to create short videos set to music. TikTok has since become one of the most popular apps in the world, boasting more than 800 million users and regularly sitting atop Apple and Google’s app store rankings.