July 4, 2020: US President Donald Trump said TikTok will have to close in the U.S. by September 15 -unless there’s a deal to sell the social network’s domestic operations to Microsoft Corp. or another U.S. company.

Trump also said the federal government will have to be paid a “substantial amount of money" as part of any deal.

“I don’t mind whether it’s Microsoft or someone else, a big company, a secure company, a very American company buys it," Trump told reporters at the White House on Monday. “It’ll close down on Sept. 15 unless Microsoft or somebody else is able to buy it and work out a deal, an appropriate deal, so the Treasury of the United States gets a lot of money."

Trump set off a furious scramble over the fate of the Chinese-owned app on Friday, when he said he would ban the company’s operations through an executive action on Saturday. But the weekend passed without any official move from the White House, after the president spoke with Microsoft Chief Executive Officer Satya Nadella about his company’s efforts to purchase the viral video application.

Microsoft said in a blog post that it was aiming to complete a deal for TikTok’s operations in the U.S., as well as in Canada, Australia and New Zealand, no later than Sept. 15. The White House had insisted upon that deadline, according to people familiar with the matter. It could prove an uphill climb, with key details for the deal -- including price -- still not worked out, people familiar with the discussions said.

Trump told reporters on Monday: “Whatever the price is that goes to whoever owns it -- because I guess it’s China, essentially, more than anything else -- I said a very substantial portion of that price is going to have to come into the treasury of the United States."

Trump questioned who would get rights to the company’s name if TikTok is owned by two different companies. “My personal opinion was they would be better off buying the whole thing rather than buying 30% of it," Trump said. “I think buying 30% is complicated."