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President Trump said Monday that TikTok will be shut down in the U.S. if it hasn't been bought by Microsoft or another company by Sept. 15, and argued — without elaborating — that the U.S. Treasury should get "a very substantial portion" of the sale fee.

Why it matters: Trump appears to have backed off his threat to immediately ban TikTok after speaking with Microsoft CEO Satya Nadella, who said Sunday that the company will pursue discussions with TikTok’s Chinese parent company ByteDance to purchase the app in the U.S.

The big picture: TikTok has come under intense scrutiny in the U.S. due to concerns that the vast amounts of data it collects could be accessed by the Chinese government, potentially posing a national security threat.

  • Negotiations between TikTok and Microsoft will be overseen by a special government panel called the Committee on Foreign Investment in the United States (CFIUS), Reuters reports.

What he's saying: Trump appeared to suggest on Monday that Microsoft would have to pay the U.S. government in order to complete the deal, but did not explain the precedent for such an action. He also argued that Microsoft should buy all of TikTok, not just 30% of the company.

  • "I don't mind if, whether it's Microsoft or somebody else, a big company, a secure company, a very American company, buy it. It's probably easier to buy the whole thing than to buy 30% of it. How do you do 30%? Who's going to get the name? The name is hot, the brand is hot," Trump said.
  • "A very substantial portion of that price is going to have to come into the Treasury of the United States. Because we're making it possible for this deal to happen. Right now they don't have any rights, unless we give it to them. So if we're going to give them the rights, it has to come into this country. It's a little bit like the landlord/tenant," he added.

Our thought bubble, via Axios' Dan Primack: Trump's inexplicable claim that part of Microsoft's purchase price would have to go to the Treasury is skating very close to announcing extortion.

Go deeper: A wild weekend for Microsoft's play for TikTok

Go deeper

Dion Rabouin, author of Markets
Nov 10, 2020 - Economy & Business

The winners and losers in the market's vaccine rally

Reproduced from Charles Schwab; Chart: Axios Visuals

Risk assets had a very good day on Monday, but U.S. stock performance was mixed after news that a COVID-19 vaccine from Pfizer and BioNTech could be distributed to millions of people before the end of the month.

Why it matters: Beyond just stocks, Monday's market moves clearly reflected investor enthusiasm and a market pricing in a return to pre-pandemic life that will benefit risk at the expense of safety.

6th victim dies following South Carolina shooting

Jack Logan, founder of Put Down the Guns Young People, places stuffed animals and flowers outside of Riverview Family Medicine and Urgent Care on Friday after the fatal shooting in Rock Hill, South Carolina, a day earlier. Photo: Sean Rayford/Getty Images

The only survivor of this week's mass shooting in South Carolina by former NFL player Phillip Adams has died of his injuries, authorities said Saturday.

Details: Robert Shook, 38, an air conditioning technician from Cherryville, North Carolina, died of gunshot wounds from Wednesday's shooting at a doctor's home in Rock Hill, S.C., which claimed the lives of five other victims.

2 hours ago - World

In photos: Egypt unveils 3,000-year-old "lost golden city"

A view on Saturday of the city, dubbed "The Rise of Aten," dating to the reign of Amenhotep III, uncovered near Luxor. Photo: Khaled Desouki/AFP via Getty Images

A top Egyptian archaeologist on Saturday outlined details of a newly rediscovered "lost golden city" near Luxor that dates back more than 3,000 years.

Why it matters: Zahi Hawass told NBC News the large ancient city, unveiled Thursday, tells archaeologists for the first time "about the life of the people during the Golden Age." Johns Hopkins University Egyptology professor Betsy Brian said in a statement it's "the second most important archeological discovery since the tomb of Tutankhamen."