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.
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Shares of Microsoft rose 5% at intraday highs on Monday, adding billions to the company's already lofty market capitalization; it rose to more than $1.6 trillion.
Microsoft said on Sunday that it planned to complete discussions with ByteDance, the platform's parent company, by September 15. It added that the talks would continue following a discussion between Microsoft CEO Satya Nadella and President Donald Trump.
Trump said on Friday that he would order ByteDance, a Chinese company, to sell its US operations. He later told reporters on Air Force One that he would ban TikTok in the US, citing security concerns.
"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.
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