Triller, a TikTok-like app that allows users to share short video clips online, is in talks with several companies about a possible merger that would allow them to go public on Wall Street, a source close to the discussions said Monday.
The group was seeking to raise capital from private investors when it was approached by several special-purpose takeover companies, a kind of publicly traded shell company that aims to merge with promising startups, the source told AFP.
The sudden interest coincided with a crackdown on TikTok by President Donald Trump, who threatened to ban the Chinese-owned social media giant if it does not hand over control of its US business to a US company by November 12. citing national security concerns.
TikTok’s Chinese parent company ByteDance is in talks with Silicon Valley startup Oracle and retail giant Walmart over its US operations, which include some 100 million users.
The talks are taking place against a backdrop of mounting friction after Trump accused the company, without providing evidence, of spying on American users for Beijing.
Triller, launched in 2015, says it currently has 65 million monthly users around the world.
Its subscribers, which include celebrities like Alicia Keys, Lil Wayne and Snoop Dogg, can easily choose music to accompany a video clip.
The Los Angeles-based company is being advised by commercial bank Farvahar Partners.
Its main shareholder is Proxima Media, which is currently valued at $ 1.25 billion, according to the same source.
The company is evaluating its various options and there is no guarantee that it will be made public, the source said.
Neither Triller nor Farvahar Partners responded to a request for comment from AFP.