Amazon has submitted a last-minute bid to acquire TikTok, a Trump administration official confirmed on Wednesday, as the deadline for a US ban on the popular social media platform approaches. The offer was made in a letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick, according to an official who spoke on condition of anonymity.

The bid was first reported by The New York Times, coming just days before the deadline for TikTok’s Chinese parent company, ByteDance, to sell the platform to an approved buyer or face a ban in the United States. While President Donald Trump has suggested he may extend the deadline, he has also indicated that he expects a deal to be finalized by Saturday.

Possible Investors in TikTok

Amazon’s interest in TikTok adds another player to an already competitive field of potential buyers. Among the companies that have expressed interest in acquiring TikTok’s US operations are Oracle and Blackstone. Oracle, which secured a 12.5% stake in TikTok Global in 2020, has long been seen as a leading contender, given its role as the app’s cloud technology provider.

In January, AI startup Perplexity AI proposed a merger with TikTok’s US division, suggesting it could rebuild the platform’s algorithm while avoiding monopoly concerns. The company emphasized its commitment to maintaining American oversight and data security in a blog post outlining its vision for TikTok’s future.

Other potential buyers include a consortium led by billionaire Frank McCourt, who recently brought on Reddit co-founder Alexis Ohanian as a strategic adviser. The group has reportedly offered ByteDance $20 billion in cash. Meanwhile, Employer.com founder Jesse Tinsley has assembled a competing consortium and is said to be offering over $30 billion. Additionally, Wyoming entrepreneur Reid Rasner has reportedly submitted a bid worth approximately $47.5 billion.

Concerns Over National Security

TikTok’s future in the US remains uncertain due to national security concerns raised by American officials. Both the FBI and the Federal Communications Commission have warned that ByteDance could potentially share US user data with the Chinese government. However, TikTok has repeatedly denied these claims, stating it has never provided data to Chinese authorities and would refuse to do so if asked. To date, the US government has not presented concrete evidence supporting the allegations.

Trump’s relationship with TikTok has been complex. Although he has millions of followers on the platform and has credited it with helping him connect with younger voters, his administration has also pushed for restrictions on the app. During his first term, he issued executive orders targeting both ByteDance and Chinese messaging app WeChat, citing security concerns.

With the deadline for TikTok’s fate rapidly approaching, all eyes are on ByteDance and the US government to determine whether Amazon’s bid—or another offer—will secure the platform’s future in the United States.

The euro reached a nearly five-month high against the US dollar after President Donald Trump announced sweeping reciprocal tariffs, leading to a broad decline in the greenback. Global markets reacted sharply to the news, with stock indices plummeting and bond yields dropping amid growing economic uncertainty.

Following Trump’s announcement on Wednesday night, the euro rose 0.5% against the dollar, reaching 1.0915 at 5:17 am, close to its five-month peak of 1.0953. The surge nearly erased losses suffered since Trump’s re-election on November 5. The US president stated that his administration would impose a minimum 10% tariff on all countries, with additional higher levies targeting key trading partners. China, the European Union, and Vietnam topped the list of affected nations, facing tariffs of 34%, 20%, and 46%, respectively. China’s import duties will rise to 54% when combined with existing blanket tariffs.

The US dollar weakened significantly against major currencies, including the euro, Japanese yen, British pound, and Swiss franc, as investors feared economic repercussions. The yield on 10-year US Treasury bonds fell to its lowest level since October 2024, reflecting expectations of a slowdown. Meanwhile, commodity-linked currencies, such as the Australian and Canadian dollars, declined against the US dollar, as falling crude oil and copper prices weighed on their performance.

Global Markets Tumble

The tariff announcement triggered a broad sell-off in global equities, with stock markets across Asia experiencing significant losses on Thursday. Japan’s Nikkei 225 dropped nearly 3%, China’s Hang Seng Index slid 1.5%, while Australia’s ASX 200 and South Korea’s Kospi declined by 1% each. The selloff extended to mining stocks, with Australia’s BHP falling 2.4% and Rio Tinto dropping 2.8%. Weaker copper prices also pressured European equities, particularly those tied to the commodities sector.

Market analyst Josh Gilbert of eToro noted that while Australia has minimal direct trade exposure to the US, the broader impact on China and other Asian economies could weigh heavily on Australia’s export-driven market. The economic fallout could intensify if global demand slows and commodity prices continue to decline.

In the US, stock futures pointed to a sharp downturn, with the Dow Jones Industrial Average losing 2.01%, the S&P 500 falling 2.78%, and the Nasdaq dropping 3.3% in pre-market trading. European markets were also set to open lower, with Germany’s DAX futures down 1.89% as of 5:30 am CET. Tech stocks, particularly the “Magnificent Seven,” suffered heavy losses in after-hours trading, with Tesla down 4.5%, Apple losing 2.3%, and Nvidia declining 2.4%. Analysts warned that companies with significant exposure to China, such as Apple, could face further pressure in the coming weeks.

Gold Reaches Record High Amid Economic Uncertainty

The heightened risk-off sentiment sent gold prices soaring to a new all-time high, as investors sought safe-haven assets. Gold futures surged to $3,195 per ounce on COMEX, while spot gold touched $3,167 before slightly retreating.

Kyle Rodda, a senior market analyst at Capital.com, warned that uncertainties surrounding Trump’s trade policies could drive further demand for gold. “There was no clear indication that the Trump administration will stop here with ‘trade wars.’ That could mean further uncertainty,” Rodda said.

Gold has been one of the top-performing asset classes, rising 20% this year following a 30% surge in 2024. Factors such as increased central bank purchases, concerns over US dollar depreciation, and investor hedging strategies have contributed to gold’s sustained rally.

As markets brace for further volatility, traders remain cautious, with attention focused on potential retaliatory measures from affected trading partners and the broader implications for global trade.

Tesla’s global sales fell by 13% in the first quarter of 2024, marking a significant decline for the electric vehicle giant as it struggles to maintain its market dominance. The drop in sales comes despite aggressive price cuts and promotional incentives, raising concerns about the company’s future performance.

Tesla reported 336,681 deliveries between January and March, down from 387,000 in the same period last year. Analysts had projected sales of around 408,000, making the shortfall even more pronounced. The disappointing figures signal potential trouble ahead for Tesla’s first-quarter earnings report, set to be released later this month.

Weak Demand and Market Challenges

Several factors are contributing to Tesla’s declining sales, including an aging vehicle lineup, increasing competition from rival automakers, and a shifting consumer sentiment. The company’s bestselling Model Y is reportedly due for an upgrade later this year, causing some buyers to hold off on purchases.

Market analysts also point to Tesla’s brand perception as a growing issue. Dan Ives, a senior analyst at Wedbush, highlighted soft demand in key markets like the U.S., China, and Europe. He attributed part of the decline to a “brand crisis” stemming from CEO Elon Musk’s public stance on political issues.

“The brand crisis issues are clearly having a negative impact on Tesla… there is no debate,” Ives said in a note to investors. “We knew the first-quarter figures would be bad, but they were even worse than expected.”

Tesla’s stock has fallen by nearly 50% since hitting a record high in mid-December. Some analysts had anticipated a boost in investor confidence due to expectations of favorable regulatory policies under a potential second Trump administration. However, those hopes have been overshadowed by concerns over the backlash against Musk’s leadership and its impact on Tesla’s customer base.

Rising Competition and EV Market Slowdown

The electric vehicle industry as a whole has seen a slowdown in sales growth, but Tesla has been particularly vulnerable to rising competition. Chinese automaker BYD, a major rival in the EV market, recently unveiled advanced battery technology that allows for ultra-fast charging, putting further pressure on Tesla’s market share.

In recent months, Tesla has aggressively cut prices and introduced incentives such as zero-interest financing to attract buyers. However, these efforts have not been enough to offset the slowdown.

The company’s struggles are reflected in the stock market as well, with Tesla shares slipping nearly 6% in early trading on Wednesday following the release of its delivery figures.

With Tesla’s first-quarter earnings report approaching, investors will be closely watching for further indications of how the company plans to navigate these growing challenges in an increasingly competitive EV market.