Microsoft is moving forward with plans to acquire some of the assets of video-sharing app TikTok after President Donald J. Trump agreed to Microsoft's proposal.

According to Reuters, President Trump hopes to strike a deal with the Chinese-owned social media network within 45 days, or the ban will be reimposed.

The story developed quickly over the weekend, and after rumors of Microsoft's intentions regarding TikTok on Friday (July 31), Trump told reporters that he intends to ban TikTok from the United States due to concerns that TikTok is sharing user data with the Chinese government He said.

On Friday, Trump criticized the possibility of Microsoft buying TikTok's U.S. division.

However, Microsoft CEO Satya Nadella later reached out to Trump and discussed the company's plans with him. Coupled with input from White House advisors who urged him to reconsider his earlier decision, Trump withdrew the ban.

"Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump, Microsoft is prepared to continue discussions to consider a TikTok acquisition in the United States," the company said in a Microsoft blog post on Sunday (August 2).

"Microsoft fully understands the importance of addressing the President's concerns."

"Microsoft is committed to acquiring TikTok, subject to a complete security review and providing appropriate economic benefits to the United States, including the U.S. Treasury Department.

Microsoft hopes to negotiate and close a deal with ByteDance, the Beijing-based owner of TikTok, within weeks. Both companies have been given a deadline by the Committee on Foreign Investment in the United States (CFIUS).

"Microsoft will expedite discussions with ByteDance, the parent company of TikTok, within the next few weeks and, in any event, complete these discussions by September 15, 2020," it confirmed. The discussions with ByteDance will be conducted pursuant to a notice that Microsoft and ByteDance have provided to the Committee on Foreign Investment in the United States (CFIUS)."

Through the transaction, Microsoft hopes to acquire ownership of TikTok's assets in the United States, Canada, Australia, and New Zealand, Microsoft said in a blog post. Microsoft said that through the deal it will "own and operate TikTok in these markets."

It added that "this new structure will build on the experience that TikTok users currently love, while adding world-class security, privacy, and digital safety protections." The service's operating model will be built to ensure transparency to users and proper security oversight by the governments of these countries.

"Among other things, Microsoft will ensure that all personal data of U.S. users of TikTok is transferred to and stays in the United States. To the extent such data is currently stored or backed up outside the United States, Microsoft will ensure that such data is deleted from servers outside the country after it has been transferred.