In a surprise move, Amazon has submitted a last-minute bid to acquire TikTok in the US. This comes as the popular video app faces a Saturday deadline to change its ownership structure or risk being banned. The bid highlights the intense 11th-hour maneuvering in Washington over TikTok’s ownership.
TikTok has become a significant platform for retail shopping, with influencers promoting products to viewers. Many of these influencers encourage users to buy products on Amazon, earning a commission on transactions. Amazon has existing ties to TikTok, having previously attempted to create a similar app.
Other potential buyers have emerged, including Oracle, Blackstone, and billionaire Frank McCourt. However, TikTok maintains that it’s not for sale, citing the Chinese government’s likely blockage of any deal. The situation is complex, with regulatory and national security concerns at play.
The US government has expressed concerns that the Chinese government could access user data or manipulate content for propaganda purposes. TikTok has consistently denied these allegations, stating that its data storage in the US complies with local laws.
