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Apple denies reported interest in the acquisition of TikTok

Apple Inc. AAPL,
+ 0.67%
has reportedly refused when taking over TikTok after an Axios story earlier Tuesday, Apple said Apple was investigating a potential deal for the social media app, as the U.S. threatens to ban the country from the U.S. over concerns over national security over the Chinese parent company ByteDance. An Apple spokesperson told Axios after that report that the company has had no discussions about buying TikTok and is not interested in a deal. Apple did not immediately respond to a request from MarketWatch for comment. Microsoft Corp. MSFT,
is considered the most logical bidder for TikTok, and the company confirmed last weekend that it would continue discussions on a potential deal. Apple shares rose 0.6% on Tuesday, while Microsoft shares fell 2.7%. Apple shares have risen 50% in the past three months, compared with an 18% increase for Microsoft and a 13% gain for the Dow Jones Industrial Average DJIA,
+ 0.31%,
of which both Apple and Microsoft are components.