Illustration: Sarah Grillo/Axios

President Trump "has a deal on his desk," whereby Microsoft would lead an acquisition of 100% of the U.S. operations of TikTok, according to a source familiar with the negotiations.

Why it matters: Trump Friday night said he plans to ban TikTok, as India has done, over concerns that the app could be sharing U.S. user data with the Chinese government.

What we know: U.S. presidents don't typically have approval or veto power over merger agreements. But this situation is different because of the involvement of the Committee on Foreign Investment in the U.S. (CFIUS), which has been reviewing ByteDance's 2017 acquisition of U.S. app Musical.ly and eventually merged with TikTok.

What we don't know: It is unclear whether the Microsoft offer involves participation in ByteDance from U.S.-based venture capital investors, some of which reportedly have had interest in helping carve 0ut TikTok.

  • It also remains uncertain exactly what Trump's "ban" threat entails, or under what legal argument he'd block a Microsoft acquisition.

My thought bubble: Microsoft was not among the Big Tech companies called to testify earlier this week in front of a House committee focused on antitrust, thus perhaps giving it more acquisition flexibility than a more natural TikTok owner like Facebook or Google.

Go deeper

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Updated 41 mins ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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Fauci: Trump hasn't been to a COVID task force meeting in months

Photo: Drew Angerer/Getty Images

President Trump has not attended a White House coronavirus task force meeting in “several months,” NIAID director Anthony Fauci told MSNBC on Friday.

Why it matters: At the beginning of the pandemic, the task force, led by Vice President Mike Pence, met every day, but in the "last several weeks," members have held virtual meetings once a week, Fauci said, even as the number of new cases continues to surge in the country.