PULSE POINTS:
❓What Happened: The U.S. set an April 5 deadline for TikTok to sell or face a ban, with Amazon entering the bidding.
👥 Who’s Involved: Amazon, the Trump administration, ByteDance (TikTok’s Chinese parent company), AppLovin, Oracle, and President Donald J. Trump.
📍 Where & When: The situation is unfolding in the U.S., with a key deadline on April 5.
💬 Key Quote: President Trump mentioned there are multiple potential buyers and expressed a desire to keep TikTok operational.
⚠️ Impact: The ban on TikTok could proceed if no sale is agreed upon and approved by both the Trump administration and China.
IN FULL:
A number of Big Tech giants are intensifying their efforts to acquire the social media app TikTok as the deadline for its Chinese parent company, ByteDance, to divest itself from the company or face its banning in the United States looms. While Oracle has long been considered the most likely serious buyer to acquire TikTok, the multinational software company may now face significant competition, with Amazon showing interest in purchasing the app. President Donald J. Trump has mandated that TikTok must be sold to a non-Chinese company by April 5, or the app will be banned from being downloaded in the United States due to national security concerns.
It is believed that Amazon has submitted a formal letter to President Trump declaring intent to enter the acquisition race. However, while Oracle and Amazon stand out as having the requisite capital to make significant bids to acquire TikTok, several other potential buyers could still make a last-minute push for ownership.
Notably, mobile tech firm AppLovin has placed a bid to acquire TikTok. Meanwhile, Kevin O’Leary—a Canadian businessman and host of the popular Shark Tank reality show—joined with real estate developer and Project Liberty founder Frank McCourt to make a purchase offer this past January.
President Trump recently stated that he would prefer TikTok to remain available to U.S. users, suggesting he hopes one of the potential buyers will be able to reach a deal with ByteDance to acquire the app. Additionally, Trump indicated that he may extend the timeframe for TikTok’s sale if negotiations need more time.