Microsoft Corp. MSFT CEO Satya Nadella has revealed more details about his company’s failed attempt to acquire the social media platform TikTok a year ago.
What Happened: Speaking at the Code Conference in California on Monday, Nadella said that Microsoft’s proposed acquisition of TikTok was the “strangest thing I’ve ever sort of worked on,” according to a report by Reuters.
To another question by Kara Swisher, the host of the event, on whether Microsoft would like to buy TikTok now, Nadella reportedly said, “No, at this point I’m happy with what I have.”
Why It Matters: In August last year, Microsoft held talks with TikTok’s China-based parent ByteDance to acquire the short-form video app’s operations in the United States, Canada, Australia, and New Zealand.
The move came after former President Donald Trump labeled TikTok a “national security risk” and threatened to ban the company in the U.S. The proposed deal collapsed by September and TikTok’s U.S. operations remained unsold.
In June this year, President Joe Biden revoked the Trump administration’s order on banning the app in the United States.
Nadella’s comments about TikTok come on the same day that the short-form video app said it has reached over one billion active global users.
Price Action: Microsoft shares closed 1.7% lower in Monday’s trading at $294.17.
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