"I don't mind if… Microsoft or somebody else, a big company, a secure company, a very American company buys it," Trump said. "I set a date of around September 15 at which point it's going to be out of business in the United States."

Trump said he spoke with Microsoft CEO Satya Nadella about buying TikTok and approved the plan, adding that a company should completely own TikTok rather than just a percentage.

The US president also said that a substantial portion from the potential sale must go to the US Treasury Department.

Earlier on Monday, Microsoft said it plans to finish negotiations with ByteDance, the parent company of TikTok, on the potential purchase of the video sharing service no later than September 15.

Trump told reporters on Friday that he was planning to ban TikTok from operating in the United States, although he added that his administration was looking into alternative options as well.

Microsoft said that TikTok will be subject to a complete security review and all private data of TikTok’s American users will be transferred to the United States in order to ensure transparency and as well as government oversight.