Walmart To Team Up With Microsoft To Acquire TikTok’s US Operations

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Walmart To Team Up With Microsoft To Acquire TikTok’s US Operations
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Recently, the American giant Walmart confirmed that it would be teaming up with Microsoft to acquire the US operation rights for Chinese app TikTok. 

To reveal more details about the same, Walmart told the BBC news that it thought a deal with the Chinese app owner ByteDance would help it tenfold its service and business reach to a considerable extent. 

As of now, TikTok has been given 90 days to sell its US workforce to an American venture or encounter a ban throughout the nation. 

Witnessing the tense circumstances, the firm’s CEO resigned from the services ahead of the ban announcement. 

One of Walmart’s spokesperson came forward and communicated with the media and said- “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.” Source: BBC. 

On the other hand, the American IT giant, Microsoft, which has been in news highlights after stating that it’s willing to acquire the rights of TikTok for US operations, says that it has “nothing to share at this time”. Source: BBC. 

As per reports, Walmart that owns UK supermarket chain Asda, it is expected to go against other bidders, including Oracle. 

If a deal reaches its final stage, TikTok’s operational rights for the US is expected to fetch a hefty amount of $30bn (£22bn). This is because the Chinese app TikTok had gained a lot of popularity among people, especially at the end of 2018, when it reached the maximum fan following belonging to the below 25 years age group. 

The Chinese app ban, especially TikTok, started after Donald Trump accused it of using the users’ data and considered it a US national security threat. 

For more updates, stay tuned with us!

Source: https://www.bbc.com/news/business-53933534