In a last-minute maneuver, Amazon has joined the competition to acquire TikTok.
The e-commerce powerhouse has submitted an official proposal to the White House, as the deadline set by Trump for the sale of the widely-used social media application draws near.
Just three days prior to President Trump's deadline for TikTok's sale to American firms, Amazon has made a last-minute bid to purchase the social media platform.
This initiative follows Trump's executive order mandating that ByteDance, TikTok's parent company based in China, sell its US operations or risk a ban in the nation.
In response to the announcement, Amazon's stock experienced a 2% increase.
The bid was reportedly detailed in a letter sent to Vice President Mike Pence and Commerce Secretary Wilbur Ross.
However, it remains uncertain whether the offer is receiving serious consideration from those engaged in the negotiations.
With over 170 million users in the US, TikTok has been identified by American Congress as a national security risk due to its connections with the Chinese government.
The discussions led by the White House aim to limit Chinese ownership of the company to below 20%.
Other contenders, including Oracle and investors like Andreessen Horowitz and Blackstone, have also presented offers to acquire portions of TikTok or oversee its user data in the US. A sale of TikTok is projected to bring in at least $40 billion for its owners.
This initiative follows Trump's executive order mandating that ByteDance, TikTok's parent company based in China, sell its US operations or risk a ban in the nation.
In response to the announcement, Amazon's stock experienced a 2% increase.
The bid was reportedly detailed in a letter sent to Vice President Mike Pence and Commerce Secretary Wilbur Ross.
However, it remains uncertain whether the offer is receiving serious consideration from those engaged in the negotiations.
With over 170 million users in the US, TikTok has been identified by American Congress as a national security risk due to its connections with the Chinese government.
The discussions led by the White House aim to limit Chinese ownership of the company to below 20%.
Other contenders, including Oracle and investors like Andreessen Horowitz and Blackstone, have also presented offers to acquire portions of TikTok or oversee its user data in the US. A sale of TikTok is projected to bring in at least $40 billion for its owners.
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