Microsoft adds $77 billion in market value after confirming talks to buy TikTok in the US
- Shares of Microsoft rose as much as 5% on Monday after it confirmed on Sunday that it was continuing talks about buying the popular social-media platform
TikTokin the US.
- The gains added $77 billion to
Microsoft's market capitalizationat intraday highs, bringing its total value to more than $1.6 trillion.
- President Donald Trump said on Friday that he would order
ByteDance, TikTok's Chinese parent company, to sell its US operations.
- Watch Microsoft trade live on Markets Insider.
- Read more on Business Insider.
"Microsoft fully appreciates the importance of addressing the President's concerns," Microsoft said. "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 35% year-to-date. Read more: A Wall Street quant chief breaks down why a COVID-19 vaccine is not the silver bullet investors have been hoping for — and warns another stock-market meltdown is likely
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