Walmart would like to buy Generation Z’s favorite social media app.
According to cnbc(opens in a new tab), US-based retail giant is making moves to acquire TikTok. The report states that Walmart plans to join hands with Microsoft for the bid.
The news of interest to Walmart is as follows a reports(opens in a new tab) Earlier on Thursday, it was said that TikTok is close to a sale of between $20 billion to $30 billion. The price will include the company’s operations in the US, Canada, Australia and New Zealand.
A Walmart spokesperson confirmed the company’s interest in the acquisition to CNBC, saying, “We believe the Walmart and Microsoft partnership will meet both the expectations of US TikTok users while satisfying the concerns of US government regulators.”
Earlier this morning, TikTok CEO Kevin Mayer resigned Only four months into his tenure with the company. The former Disney executive cited political pressure from the Trump administration for quitting TikTok.
The US government has put pressure on TikTok months On the company’s relationship with China-based parent company ByteDance. On August 6, President Donald Trump signed a executive Order It gave the video app an ultimatum: Cut those Chinese ties or get banned in the United States. The Trump administration cited cybersecurity concerns related to the Chinese government’s access to the app’s data for its stance. However, this week Tiktok filed a trial Against the administration, claiming his decision is politically based.
Microsoft has previously expressed Interest In getting TikTok. Twitter And Oracle Possible bids for the company have also been discussed.
According to a CNBC report, the acquisition of TikTok may be announced as early as next week.