O'Leary Ventures Chairman Kevin O'Leary will join the “American Newsroom” to discuss efforts to buy Tiktok after the Supreme Court upheld future seller or van laws.
Amazon has bid to get Tiktok as it sells from China-based owners or is banned in the US, which could take effect this month as popular social media apps face a looming deadline.
Trump administration officials told Reuters on Wednesday that the e-commerce giant bid had bid to buy Tiktok ahead of the looming ban.
New York Times Previously, citing three people familiar with the issue, he said that Amazon has placed a last-minute bid to get the entire Tiktok. However, these sources told the outlet that the parties involved in the discussion did not appear to take Amazon's bid seriously. The offer reached to Vice President JD Vance and Commerce Secretary Howard Lutnick, according to the report.
Congress last year enacted a law banning apps like Tiktok, owned by entities in hostile countries such as China, Russia, Iran and North Korea after a 270-day period where a sale could occur. president Donald Trump He said he wanted to find a way to keep the app working in the US, and has signed an executive order extending its sale window to allow additional time for transactions. His extension will allow the company to make deals through Saturday.
Trump believes Tiktok's final proposal is approaching the deadline.
Tiktok is facing an impending deadline to sell from Chinese ownership or face a US ban. (Yan Cong / Bloomberg Via / Getty Images)
Fox Business contacted Amazon and declined to comment on reports that the company was interested in purchasing Tiktok.
Other potential suitors in Tiktok include a group called Project Liberty, led by billionaires Frank McCourt and Kevin O'Leary.
Tiktok resisted pushing for a sale as he has the authority to block the sale of China-based companies due to opposition from the Chinese government.
Trump says he may lower Chinese tariffs in certain conditions
Tiktok CEO Shou Zi Chew attended President Donald Trump's inauguration. (Shawn Thew/Pool/AFP Getty Images/Getty Images)
Charlie Gasparino of Fox Business reported that Tiktok's deals are on the table to create a new company with a majority ownership in the US, but investors are concerned about the liability clause in the law that addresses additional delays and prohibits apps like Tiktok that are necessary.
Under the proposed transaction, the Chinese owners of Tiktok will hold less than 20% minority stake under the new corporate structure. The source code for the app remains the one created by Chinese ownership, but is monitored by Oracle Cloud to prevent spying.
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The price of Tiktok under that proposal would be $40 billion with current source code included, or $20 billion if removed from a potential transaction.
Reuters contributed to this report.
