Amazon ( NASDAQ:AMZN ) has made a last-minute move to acquire TikTok , submitting a formal bid just days ahead of the mandated sale deadline, according to The New York Times.
The proposal was reportedly delivered in a letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick. Despite the move, sources close to the discussions suggest that Amazon's offer is not being treated as a serious contender by other parties involved.
The forced divestiture stems from bipartisan national security concerns tied to TikTok's Chinese ownership. Although the law requiring the sale was upheld unanimously by the Supreme Court, President Trump delayed its enforcement until April 5. He is expected to meet with senior White House officials later today to further review the situation.
Other potential bidders include Oracle ( NYSE:ORCL ), Rumble ( NASDAQ:RUM ), Perplexity AI, and a group led by former Treasury Secretary Steven Mnuchin. Additionally, investor Kevin O'Leary and real estate executive Frank McCourt have teamed up under the name The People's Bid for TikTok.
Microsoft ( NASDAQ:MSFT ) previously pursued TikTok in 2020, and Walmart ( NYSE:WMT ) has also been linked to the app in the past.
Amazon shares were up north of 1.4% around midday, reversing earlier losses.
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