Update: U.S. President Donald Trump has announced plans for a new company called TikTok America, the Information reported citing an unnamed source.
The proposed structure would involve TikTok America being roughly 50% owned by U.S. companies and allow ByteDance to retain a 19.9% stake.
This comes after Amazon made a last-minute bid for TikTok ahead of the 5 April ban.
The company sent its proposal in a letter; however, it may not be taken seriously due to being submitted days before the ban deadline.
Amazon shares rose by around 2% following the announcement of the TikTok bid.
Late last year, Amazon was already testing the waters with TikTok shop after it became serious competition for the e-commerce company.
Amazon also already owns the reading platform Good Reads and purchased Twitch in 2014 for US$1 billion.
A consortium led by OnlyFans founder Tim Stokley has also thrown its hat in the ring.
TikTok will be banned in the U.S. on 5 April if the app's parent company, ByteDance, doesn’t sell it to an American-based company.
The app was initially scheduled to be shut down on 18 January, but instead, it only faced a temporary ban before being resurrected after U.S. President Donald Trump extended the deadline for the ban.
Trump initially fought to ban TikTok during his first term as president, calling it a national emergency, but recently changed his mind because he “got used to it”.
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