President Trump told reporters Monday that Microsoft is in talks to acquire TikTok and that he would like to see a bidding war over the popular app.

Trump issued an executive order on Jan. 20 to extend the ban on TikTok, implemented by former President Joe Biden last year. The order granted a 75-day extension, which Trump said will allow him to consult with his advisors and heads of "relevant" departments and agencies to address national security concerns posed by TikTok.

The president denied a report that the White House was helping advance a deal with Oracle and a group of other outside investors for the platform.