Apple denies report it's set to bid against Microsoft on TikTok takeover
Apple Inc.
has reportedly denied interest in acquiring TikTok after an Axios story from earlier Tuesday said that Apple was looking into a potential deal for the social-media app given that the U.S. has threatened to ban it from the U.S. due to national security concerns about Chinese parent company ByteDance. An Apple spokesperson told Axios following that report that the company hasn't held discussions about buying TikTok and isn't interested in a deal.
is considered to be the most logical bidder for TikTok and the company confirmed over the weekend that it would continue discussions about a possible deal. Apple shares are up 0.6% in Tuesday trading, while Microsoft shares are down 2.7%. Apple's stock has added 50% over the past three months, compared with an 18% rise for Microsoft's and a 13% gain for the Dow Jones Industrial Average DJIA, +0.41%, of which both Apple and Microsoft are components.
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