It comes after the US Supreme Court upheld a ruling on January 17 that TikTok was a risk to national security due to its ties to China and required TikTok’s parent company ByteDance to sell to a US owner or face a ban in the country.

TikTok, owned by the Chinese company ByteDance, has been at the center of controversy in the U.S. for four years now due to concerns about user data As TikTok's future remains uncertain, a number of prominent moguls and companies are competing for the opportunity to purchase the app.

Advisers to President Donald Trump are expected Wednesday to present the president with options for a deal to invest in TikTok that involves a number of well-heeled venture capital, private equity funds and tech companies,

Critics have pushed back on the deal on both free speech and free market grounds. Polling puts TikTok’s American user base at approximately one-third of all adults and two-thirds of all teens; TikTok itself has claimed that about half the U.S. population uses the app.

Amazon has reportedly made a last-minute bid to purchase TikTok. The news, first reported by the New York Times, comes just days before the current deadline for the social media platform to leave its China-based parent company ByteDance.