The on-going development with regards to the acquisition of TikTok’s business in the US has been nothing short of dramatic to say the least. In recent times of course, it has indeed been confirmed by Microsoft that the company is indeed in talks to acquire the business that TikTok has in the US from its parent company in ByteDance, while other companies such as Oracle too have been involved.
And now, with regards to the latest developments, it has been said that Walmart too is joining hands with Microsoft so as to purchase TikTok in the US. Indeed it has been confirmed by Walmart that it is in fact participating with Microsoft with regards to negotiations.
Walmart has said that the reason behind its interest in Walmart stems from the consideration that TikTok has “integrated e-commerce and advertising capabilities in other markets” and this could end up bolstering its access to customers.
In a statement, it was claimed by Walmart : “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 see serve omnichannel customers as well as grow our third-party marketplace and advertising business. We are confident that a Walmart and Microsoft partnership would meet both the expectations of US ticktock users while satisfying the concerns of US government regulators.”
Such a development comes just a few hours after the CEO of TikTok in Kevin Mayers announced his resignation from the company. There has been speculation indeed that his resignation could in fact be because of the fact that the deal could be in its final stages. Indeed in his resignation letter, he said that he expects there to be a resolution very soon with respect to all that has been going on.
Some reports have in fact been indicative of the possibility that TikTok might announce the deal as soon as in this very week, and that the acquisition would cost the suitors in and around $20 billion.