Walmart says it’s teaming with Microsoft on the Redmond company’s bid to acquire TikTok, the popular social video app facing a looming ban and forced sale in the U.S. due to President Trump’s concerns about its ties to China through its parent company ByteDance.
“The way TikTok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets,” a Walmart spokesperson said in a statement to Yahoo Finance and others. “We believe a potential relationship with TikTok US 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.”
The partnership between Walmart and Microsoft is the latest in a series of surprise twists in the story. Also overnight, TikTok CEO Kevin Mayer, a former Disney executive, announced he was leaving the company, reportedly due to his concerns about being excluded from the acquisition talks.
A acquisition agreement could be reached in the next 48 hours at a purchase price of $20 billion to $30 billion, CNBC reports. Oracle is also among the companies bidding for TikTok.
