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More TikTok Suitors Are Emerging as Deadline for App Nears
More potential buyers are emerging for video-sharing platform TikTok as the deadline for the app to be sold quickly approaches. Amazon and AppLovin are the latest to show interest, The Wall Street Journal reported. TikTok has to find a new owner before Saturday or risk a ban in the U.S.
Amazon made the offer to buy all of TikTok in a letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick, the New York Times reported. Barron’s confirmed the events. And AppLovin has talked to casino magnate Steve Wynn about backing its own bid, the Journal reported.
“The acquisition could strengthen Amazon’s position, particularly among younger shoppers who start and end their shopping journeys on TikTok or other social platforms,” Jasmine Enberg, vice president of content at market research company Emarketer, wrote on Wednesday.
The person that confirmed Amazon’s bid to Barron’s also said President Donald Trump’s administration were going to consider final proposals for the purchase of TikTok on Wednesday in a meeting with the vice president in attendance. Other potential investors include Blackstone and Oracle.
TikTok’s 170 million American users are keeping their fingers crossed that a deal is close to fruition to keep the app operating. Former President Joe Biden signed a law last year that would bar it from app stores in the U.S. unless it was sold. Critics have raised concerns about TikTok’s ownership by a Chinese company.
What’s Next: Trump’s effort to delay TikTok’s demise ends Saturday unless he decides to extend the deadline, something that would be easier with proof of a serious deal in the works. Trump has also said he would be open to lowering tariffs on China to get a deal done.
—Angela Palumbo
