Friday’s 10 Worst Performing Stocks

4. AppLovin Corp. (NASDAQ:APP)

AppLovin declined for a third consecutive day on Friday, losing 19.10 percent at intra-day trading as investors sold off positions amid the overall market pessimism, shunning news that it was acquiring social media giant TikTok.

According to reports, APP co-founder and CEO Adam Foroughi confirmed that the company placed bids to potentially acquire TikTok, but refuted reports that casino mogul Steve Wynn was involved in the bid.

In a regulatory filing, APP said it submitted a bid to acquire TikTok assets outside of China ahead of the supposed April 5 deadline set by US President Donald Trump to find a non-Chinese buyer.

However, it said that the bid proposal is still preliminary and there can be no assurance that a transaction will proceed.

Amazon Inc. and separately, a consortium led by OnlyFans founder Tim Stokely, are competing with APP to acquire the Chinese firm.