AppLovin has made a last-minute bid to buy TikTok's assets outside China

• AppLovin confirmed a preliminary bid in an SEC filing to buy TikTok's business outside China.
• China's ByteDance faces a Saturday deadline to divest TikTok's US operations.
• AppLovin joins a long list of suitors who have put in last-minute bids.

Adtech company AppLovin has submitted a last-minute bid to acquire TikTok's operations outside China, joining a crowded list of suitors a day before a US TikTok ban is set to take effect.

AppLovin confirmed it submitted a preliminary "indication of interest" to President Donald Trump in a Thursday SEC filing.

The company, which helps developers market and advertise their apps, said in the filing that "there can be no assurance" that a transaction involving TikTok would proceed.

It's unclear exactly how AppLovin would finance or structure a deal, given TikTok's vast scale. TikTok's US operations are estimated to have a sale value of $40 billion to $50 billion.

Wedbush analyst Dan Ives has previously suggested TikTok's global valuation could exceed $100 billion, potentially reaching $200 billion if its algorithm is included in the calculation. AppLovin has a market capitalization of just over $89 billion.

The bid places AppLovin among a growing list of late-stage suitors vying for TikTok as US lawmakers push for the app's separation from its Chinese parent company, ByteDance.

This week, Amazon put in a last-minute bid to buy TikTok, The New York Times reported. And on Wednesday, Reuters reported that a consortium led by OnlyFans founder Tim Stokely had submitted an intent to bid on TikTok.

They add to a flurry of other names that have been linked to buying TikTok.

Oracle has emerged as a leading contender, according to multiple reports, with a deal reportedly involving oversight of TikTok's US user data.

The YouTuber MrBeast said in January that he was part of a group making an all-cash offer for TikTok's US operations.

Other parties linked to a TikTok deal include Microsoft, Walmart, video-sharing platform Rumble, and AI startup Perplexity.

TikTok's future in the US has been uncertain since April 2024, when Congress mandated ByteDance divest TikTok's US business or face a nationwide ban. After taking office in January, Trump extended that deadline by 75 days.

The White House has been directly involved in deal talks as national security concerns remain central to negotiations.

On Wednesday, Trump introduced an effective 54% tariff rate on Chinese imports. The president told reporters on Air Force One on Thursday it gives the US "great power" to negotiate and a potential bargaining chip in a TikTok deal. On Friday, China announced a 34% tariff on all products imported from the US.