Facebook and Snapchat have both shown an interest in buying a platform similar to TikTok for hundreds of millions of dollars, according to theinformation.com.
The application is called Dubsmash, a social media platform dedicated to creating lip sync videos, has been in operation since 2013.
Facebook and Snapchat’s interest in a rival app for sharing videos comes amid TikTok facing threats by US President Donald Trump’s administration to ban it over the next month.
Dubsmash and other video-sharing platforms have seen a dramatic increase in downloads and user numbers, as the 100 million TikTok users in the US prepare for a future without the competing app.
TikTok is currently facing an executive order from Trump to prevent any dealings, starting in mid-September with the app and its parent company ByteDance. Although the ban is unlikely to be implemented nationwide, the threat facing TikTok is sufficient to cause users to fear the platform that allows them to create videos and find their favorite video creators.
Information said that Dubsmash acquisition talks with Facebook and Snapchat have taken place in recent weeks, yet the discussions are no longer active.
A Snapchat spokesperson told Business Insider: “We like the team, but we are not in active acquisition talks.” On the other hand, Facebook cited the company’s policy of not commenting on rumors or speculation, but Facebook confirmed that there were no active discussions with Dubsmash.