Amazon has put in a bid to purchase TikTok, a Trump administration official said Wednesday, in an eleventh-hour pitch as a U.S. ban on the platform is set to go into effect Saturday. The official, who was not authorized to comment publicly and spoke on the condition of anonymity,

The Information reports that later today, Trump plans to announce a plan for “TikTok America,” a new company with 50 percent ownership by unnamed new US investors, a one-third stake for existing ByteDance investors, and a 19.9 percent share for ByteDance. It would apparently license TikTok’s algorithm from ByteDance.

Meanwhile, a separate group led by OnlyFans founder Tim Stokely is also said to be exploring a bid, underscoring the fierce competition to take over TikTok’s global business. AppLovin’s announcement comes during a turbulent time for the company. According to Benzinga Pro, APP stock has lost over 19% in the past year.

News of the offer emerged as Trump prepared to meet with senior officials to review the approaching cutoff for TikTok's sale.

The president said China was "not happy" with his tariffs, which are currently decimating the U.S. stock market.

The extremely popular app TikTok lives to see another 75 days as Trump extends ban. President Donald Trump said Friday that he will extend the deadline for TikTok to find a non-Chinese buyer for another 75 days.

Walmart is actively considering joining a group of investors to buy TikTok, according to sources close to the deal, who say Walmart's interest was triggered by Amazon throwing their hat into the ring.

With regulators watching closely, the outcome of this high-stakes deal could have far-reaching consequences for the tech industry and its users.