Walmart joins Microsoft for TikTok buyout
The retail giant has said that the move will help serve its omnichannel customers, and grow its advertising business and third-party marketplace
Retail giant Walmart is reportedly in talks with Microsoft for a joint bid to acquire TikTok. In a statement to a media house, Walmart said that it has opted for the partnership with a view to serve its omnichannel customers, and grow its advertising business and third-party marketplace. The company said that it is confident that the partnership will meet the expectations of US TikTok users and allay the concerns of the US government.
Soon as the news broke, Walmart shares spiked 3.6% to $135.47 in New York.
This isn't Walmart's first joint bid with Microsoft. A few years ago, the two partnered to take on Amazon.
TikTok is currently at the midst of turmoil in the US after suing the Trump administration for passing executive orders that banned any kind of transactions with the app. The platform has been given the ultimatum by the government to either sell its US arm to an American company or shut shop in the country.
TikTok CEO Kevin Mayer has also stepped down in the midst of this political turmoil and has been succeeded by TikTok General Manager Vanessa Pappas as the interim CEO.
