Home Business Walmart still interested in TikTok deal despite Microsoft’s rejection

Walmart still interested in TikTok deal despite Microsoft’s rejection

0



Walmart says it is still pursuing a deal with TikTok even though its bidding partner, Microsoft, is out of the race to acquire the popular app.

America’s biggest retailer confirmed its continued interest in the video-sharing platform Sunday as Microsoft revealed TikTok parent ByteDance had rejected its offer. The Beijing-based firm has instead chosen California-based software firm Oracle as its US technology partner, according to reports.

“Walmart continues to have an interest in a TikTok investment and continues discussions with ByteDance leadership and other interested parties,” Walmart said in a statement. “We know that any approved deal must satisfy all regulatory and national security concerns.”

A ByteDance spokesman did not immediately respond to a Monday morning email asking about the company’s talks with Walmart.

Walmart announced in late August that it was working with Microsoft to acquire TikTok as the Trump administration pressed ByteDance to sell the app’s US operations over national security and data privacy concerns.

Analysts have said Walmart could use the app — which has 100 million US users and is popular with teens and young adults — to build up its e-commerce business and sell advertisements to other companies.

ByteDance is facing a tight deadline to finalize its deal with Oracle. President Trump has ordered the company to dump TikTok’s US operations by Nov. 12, while a separate order banning transactions between ByteDance and American firms will take effect Sept. 20.

Walmart shares rose about 0.2 percent to $137.04 in early trading Monday.

LEAVE A REPLY

Please enter your comment!
Please enter your name here