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Walmart Joins Hands To Buy TikTok

Earlier this month, we have heard Tiktok being threatened by Donald Trump to ban in the United States.

This created panic and rushed to all influencers to leave and say their final goodbye to the app they used for fun, entertainment, and information dissemination.

A month later, some new players for the company’s buy out are coming to the scene.

We’ve heard Microsoft’s entry before the deadline of the last day of Trump’s app.

Now, a new player has entered the high stakes bid to acquire TikTok, the controversial app.

According to reports from CNBC, Walmart confirmed that it would be joining hands with Microsoft to purchase the company’s U.S. operation, which is based in Culver City, California.

In a statement released by Walmart, they said that expressed the excellent omen with the partnership.

“We believe a potential relationship with TikTok U.S. in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses,” they said.

The giant retail store also added, “we are confident that a Walmart and Microsoft partnership would meet both the expectations of U.S. TikTok users while satisfying the concerns of U.S. government regulators.”

The big-box retailer joining the eCommerce and advertising sector “is a clear benefit to creators and users in those markets.”

As of August 27, Shares of Walmart stock rose by nearly 5 percent by to $138.67.

According to several sources, ByteDance Ltd, the parent company of the app which has headquarters in Beijing, China, is almost in sealing the deal with its operations in other countries like Canada, Australia, and Nw Zealand. If the U.S. business would be bought, it is priced at $30 billion.

ByteDance has been at the center of a controversy since August 6, when President Donald Trump issued an executive order prohibiting the use of TikTok. But it will not if it is sold to a U.S. buyer.

Trump’s accusation to the company was personal information from TikTok users and passing it on to the Chinese government. The latter has refused the allegation in various attempts for a statement.

Since then, TikTok has been in talks with Microsoft and Oracle for potential purchase.

Moreover, the TikTok CEO is said to quit the post over its alleged ties to the Chinese government.

The former Walt Disney Co. lead, who just stayed for three months revealed: “I understand that the role that I signed up for including running TikTok globally will look very different as a result of the U.S. administration’s action to push for a selloff of the U.S. business,” Mayer wrote in a letter obtained by The Wall Street Journal. “I’ve always been globally focused in my work, and leading a global team that includes TikTok U.S. was a big draw for me.”

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