Trump was to reportedly hold a White House meeting Wednesday to consider an offer to buy TikTok, as it faces a ban in the U.S. on April 5 if it is not sold to an American company.

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.

Cryptocurrency foundation Hbar and Zoop, a startup led by Tim Stokely, the co-founder of OnlyFans, submitted a plan to buy TikTok to the White House, according to USA Today.

President Trump has extended the deadline for a TikTok deal — and pushed the bidding war for the social media app into overdrive. The president is known for his dealmaking and he is enjoying the jockeying, sources told me. “Trump is the ultimate decision maker,” a source close to Trump said. “He just extended the deal. All bids are on the table.”

AppLovin (NasdaqGS:APP) has recently entered the bidding race for TikTok Inc.'s assets outside China, a move that has garnered attention amidst heightened geopolitical complexities. Within the past week,

TikTok ban deadline looming as Amazon, AppLovin and more TikTok bids announced. Will Bytedance, Trump strike deal to save TikTok in US? What to know

AppLovin has made a preliminary bid to acquire TikTok's operations outside China ahead of the April 5 deadline set by President Trump. This move could strengthen AppLovin's global advertising position.

Digital-advertising platform AppLovin on Thursday became the latest company to express interest in TikTok, ahead of an April 5 deadline to avoid a ban in the U.S.