AppLovin Corporation ( APP ) shares were trading lower in premarket hours on Friday after the company confirmed it had submitted a preliminary expression of interest to the U.S. President regarding a potential acquisition of TikTok’s operations outside of China.

“This indication of interest is preliminary and there can be no assurance that a transaction involving the Company will proceed,” AppLovin ( APP ) said in an exchange filing.

The mobile technology firm joins a growing list of companies looking to secure TikTok’s international business as the platform faces a fast-approaching deadline to find a new owner.

Also Read: TikTok Clock Ticks Louder As Deadline Approaches, Trump To Consider Final Proposal As Private Equity Firms Bid For Platform

AppLovin ( APP ) clarified that its interest is still in the early stages and that there is no certainty a deal will materialize, Reuters reports.

Reuters adds that Amazon.com Inc. ( AMZN ) has also reportedly shown interest in the short-form video platform.

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.

It recently came under fire from short-seller Muddy Waters, which issued a report criticizing its e-commerce practices.

The report claims that more than half of AppLovin’s customer conversions come from retargeting users, suggesting that only a small portion of its sales—between 25% and 35%—are actually incremental.

Muddy Waters also accused the company of gathering user data from major platforms such as Meta Platforms Inc. ( META ) , Alphabet Inc. ( GOOG ) , and TikTok to construct artificial user profiles. According to the report, this practice may violate platform policies. It further alleges that AppLovin ( APP ) uses persistent identity graphs to covertly retarget high-value users, making it difficult for platforms to detect or prevent the activity.

As the race to acquire TikTok intensifies, AppLovin ( APP ) faces a dual challenge: navigating regulatory hurdles while defending its own reputation against mounting criticism.

Investors can gain exposure to the stock via AdvisorShares Focused Equity ETF ( CWS ) and Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF .

Price Action: APP shares are trading lower by 6.31% to $245.46 at last check Friday.

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