US President Donald Trump is set to review a “final proposal” regarding the sale of the US operations of Chinese social media platform TikTok, Guardian has reported.
The move comes as the 5 April deadline approaches for the app to secure a non-Chinese buyer or face a ban.
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ByteDance, the Beijing-based parent company of TikTok, was directed by an executive order signed by Trump to sell its US operations by April 5 or shut down in the country.
The White House is reportedly in the final stages of negotiating a deal that could involve US-based investors, with tech giant Oracle and private equity firm Blackstone among the potential buyers.
In a late-stage development, Amazon also emerged as a contender, submitting a bid to acquire the popular social media platform, according to multiple reports.
A US administration official confirmed that Amazon had sent a letter to US Vice-President JD Vance and Department of Commerce Secretary Howard Lutnick expressing its interest.
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By GlobalDataAmazon has previously explored opportunities to build its own social media network to bolster its e-commerce business and attract younger audiences.
The company acquired live video-streaming platform Twitch in 2014 for nearly $1bn and book review site Goodreads in 2013.
It also developed and tested Inspire, a TikTok-style short-form video feed, which it discontinued earlier this year.
Separately, a consortium led by OnlyFans founder Tim Stokely has also entered the bidding process.
Startup Zoop, founded by Stokely, has partnered with a cryptocurrency foundation to submit a proposal for acquiring TikTok, Reuters reported citing two sources.
The reported final proposal involves new investors, including Blackstone, joining existing non-Chinese shareholders in ByteDance to provide capital for the bid.
The White House has taken an active role in facilitating the sale, with Vance overseeing the auction process.
ByteDance’s current non-Chinese shareholders include US-based trading firm Susquehanna International Group and private equity firm General Atlantic.
Trump has previously indicated that he may consider reducing tariffs on China as part of securing a deal for TikTok.
The deadline for the sale was set in January under a 2024 law, citing national security concerns as the primary reason for banning the app if a non-Chinese buyer is not secured.
Earlier this week, reports of US venture capital firm Andreessen Horowitz in discussions to invest in TikTok surfaced.
