AppLovin Corp (NASDAQ:APP), a mobile technology company, has reportedly entered the race to acquire TikTok’s United States operations.
TikTok’s China-based owner Bytedance has until Saturday to divest its American business or face a ban in the country due to national security concerns.
Sources with knowledge of the bid told CNBC that AppLovin has reportedly engaged in discussions with casino mogul Steve Wynn regarding potential financial support.
The company has positioned its offer as a solution to address national security issues while promising economic growth and job creation.
The sources added that the Trump administration is “fully aware” of its interest in TikTok.
AppLovin is competing with other bidders, including Amazon.com Inc (NASDAQ:AMZN), Oracle Corp (NYSE:ORCL, ETR:ORC), and various private equity firms, as the April 5 deadline approaches for TikTok to be sold.
Shares of AppLovin briefly gained 5% on the news of the bid, reversing course to trade more than 10% lower at about $260 premarket amid a broader selloff of US stocks.