The parent company of TikTok has offered US employees the chance to sell shares they might hold in ByteDance, a privately owned company, which could have a knock-on effect on any eventual sale of the social media app.

At least five class actions claiming that TikTok illegally siphons children's data without parental consent have been filed in California district courts since January, joining a mounting wave of federal and state litigation related to the platform's impact on children's mental health and privacy.

Wyoming entrepreneur Reid Rasner, the latest U.S.-based suitor vying to purchase TikTok from its China-based parent company, said the Trump administration has reviewed his bid for the platform and he is “prepared to move forward” with the offer.

ByteDance's TikTok will invest $8.8 billion in data centres in Thailand over five years, Helena Lersch, TikTok's Vice President of Public Policy, said on Friday at an event in Bangkok.

TikTok, owned by the Chinese company ByteDance, has been at the center of controversy in the U.S. for four years now due to concerns about user data As TikTok's future remains uncertain, a number of prominent moguls and companies are competing for the opportunity to purchase the app.

An investor has an offer for TikTok and says if successful, it will create a Silicon Valley in Wyoming. Reid Rasner says TikTok and the technology will add to the state's economy.