On Monday, President Donald Trump announced that Microsoft, which was founded by Bill Gates, was engaged in negotiations to acquire TikTok, following the temporary suspension of the social media platform last week.

He expressed interest in seeing a competitive bidding process for the app, which boasts approximately 170 million users in the United States.

Previously, Trump indicated that he was exploring discussions with multiple parties regarding a potential purchase of TikTok.

A decision on the app’s future is expected within the next 30 days, as reported by Reuters.

TikTok was briefly taken offline just prior to the enforcement of a law requiring its parent company, ByteDance, to sell the app or face a ban, which came into effect on January 19.

However, after taking office on January 20, Trump signed an executive order that delayed the implementation of this law by 75 days. The legislation was introduced due to concerns over the potential misuse of user data by the app.