According to the latest reports, Amazon has made a bid to buy TikTok in the US as the deadline for the social media platform comes closer.
Apparently, Reuters got this confirmation from a representative of the Trump government on Wednesday. The New York Times has also cited three sources earlier in a report confirming the same.
However, as the report further mentioned, Amazon’s bid at the moment isn’t being taken seriously. The folks who received the offer from the e-commerce giant were Vice President JD Vance and Commerce Secretary Howard Lutnick.
Previously, President Donald Trump had issued a deadline for the social media platform to find itself an American owner or face a ban due to its Chinese ownership, and now that deadline is almost here.
By the way, as another report by Fox Business states, beyond Amazon, Project Liberty, led by billionaire Frank McCourt and Kevin O'Leary, is also counted among the potential buyers of TikTok.
Journalist Charlie Gasparino revealed that one proposal on the table would spin TikTok into a new company with majority US ownership.
However, legal concerns regarding liability provisions in the app’s potential ban could delay the process further.
If the deal gets finalized, TikTok’s 20% stake will be owned by Chinese owners, nothing more. Oracle Cloud would oversee the platform’s source code without making changes.
The financials? TikTok is reportedly valued at $40 billion with its existing source code, or $20 billion if that’s excluded from the sale.
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