AppLovin confirms intent to buy TikTok

Seeking Alpha News (Thu, 03-Apr 5:51 PM)

Marketing platform AppLovin (NASDAQ:APP) on Thursday confirmed that it has provided “an indication of interest” to the Trump administration to purchase of TikTok in all markets outside of China.  

“This indication of interest is preliminary and there can be no assurance that a transaction involving the Company will proceed,” the company said in a filing.

This comes after reports earlier Wednesday said that Amazon (AMZNmade a last minute bid for the Chinese-owned short-video app.  According to a Reuters report, OnlyFans founder Tim Stokely's startup has submitted an eleventh-hour bid along with a cryptocurrency foundation to buy TikTok U.S.

Other companies interested in buying or taking a stake in TikTok also include Oracle (ORCL), Rumble (RUM), and Perplexity AI.

In 2020, Trump had called for a ban on TikTok and attempted to force its sale to an American company because of its Chinese ownership.