In a stunning reversal from Friday, news broke late Sunday that the Trump administration has agreed to allow Microsoft to enter into negotiations to purchase TikTok with ByteDance, the Chinese company that owns the popular app, several news outlets reported.

Reuters:

President Donald Trump has agreed to give China’s ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft Corp, two people familiar with the matter said on Sunday.

U.S. officials have said TikTok under its Chinese parent poses a national risk because of the personal data it handles.

As RedState’s Mike Miller reported on August 1st:

Trump is “officially” over Chinese-owned TikTok, the popular video-sharing platform. “As far as TikTok is concerned, we’re banning them from the United States,” Trump told reporters aboard Air Force One.

[…]

Trump’s announcement came hours after reports that Microsoft was in talks to purchase TikTok from Beijing-based company ByteDance.

Microsoft has paused negotiations to buy the U.S. operations of TikTok after President Trump said he opposes the deal, say people familiar with the matter https://t.co/Le8qIEQq05

— The Wall Street Journal (@WSJ) August 1, 2020

CNBC:

The two companies have looked at Microsoft buying TikTok in the U.S., Canada, Australia and New Zealand, and Microsoft might offer other American investors to get involved in the acquisition, Microsoft said, adding that its CEO, Satya Nadella, has spoken with Trump. The company did not disclose deal terms.

“This new structure would build on the experience TikTok users currently love, while adding world-class security, privacy, and digital safety protections,” Microsoft said. “The operating model for the service would be built to ensure transparency to users as well as appropriate security oversight by governments in these countries.”

AP:

The potential deal would be a victory for both companies, making Microsoft Corp. a major player in the social media arena and providing relief to TikTok and its parent company, Bytedance Ltd….

GOP leaders like Senator Lindsey Graham (R-SC) hailed President Donald Trump for the “positive development”:

A positive development in the #TikTok negotiations.

Thank you President Trump for protecting American consumers from the Chinese Communist Party and bringing jobs back to the US.

A win-win in the making. https://t.co/JK3G9r02bR

— Lindsey Graham (@LindseyGrahamSC) August 3, 2020

This is a developing story and will be updated as details become available.