Walmart joins forces with Microsoft on TikTok bid
US retail giant Walmart has confirmed that it is teaming up with Microsoft on a bid to acquire the US operations of the TikTok video sharing app.
According to reports, the business could be sold for an estimated $25 billion to $30 billion if a deal is reached with TikTok’s Chinese owner ByteDance.
Explaining its reasons for the potential acquisition, Walmart said in a statement: “The way TikTok has integrated ecommerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets.
“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.
“We are confident that a Walmart and Microsoft partnership would meet both the expectations of US. TikTok users while satisfying the concerns of US government regulators.”
