Walmart joins Microsoft in bid for video app TikTok

Washington: Walmart is the latest company to want a piece of TikTok, the popular Chinese-owned video app that has come under fire from the T...


Washington: Walmart is the latest company to want a piece of TikTok, the popular Chinese-owned video app that has come under fire from the Trump administration.

The world's largest retailer made a joint bid with tech giant Microsoft to buy TikTok's US business, according to a person close to the deal who isn't authorised to discuss the terms publicly.

It may seem like an unlikely combination, but Microsoft and Walmart are already business partners. Microsoft provides cloud computing services that help run the retailer's stores and online shopping. The two companies signed a 5-year partnership in 2018, enabling them to join forces against a shared rival: online shopping giant Amazon.

Walmart said in a statement Thursday that a deal with Microsoft and TikTok could help it expand its advertising business and reach more shoppers.

TikTok, through its fun, goofy videos, has gained 100 million US users. But the White House is pushing TikTok's Chinese owner ByteDance to sell its US business if it wants to keep operating in the country, citing security risks.

Microsoft has confirmed discussions with TikTok; other tech companies such as Oracle are also reportedly interested in a possible acquisition. While ByteDance hasn't disclosed its asking price for TikTok, the Wall Street Journal reported on Thursday that it is seeking roughly USD 30 billion for TikTok's US operations.

The Journal reported that bidders so far haven't been willing to meet that price. TikTok didn't immediately reply to an emailed request for comment.

Over the past year, TikTok has tried to put distance between its app and its Chinese ownership. It installed former top Disney executive Kevin Mayer as its American CEO, but he resigned Thursday after just a few months on the job.

In a letter to employees, Mayer said that his decision to leave comes after the political environment has sharply changed. ByteDance launched TikTok in 2017, then bought Musical.ly, a video service popular with teens in the US and Europe, and combined the two. A twin service, Douyin, is available for Chinese users.

US authorities are concerned that TikTok would turn over user data to Chinese authorities and that it censors content that would upset China.

TikTok denies that it has shared user data with the Chinese government and would not do so if asked, nor censored videos at Chinese authorities' request. It says it's not a national security threat.

The sale situation has been unusual, with President Donald Trump demanding payment for the US government for its part in orchestrating a deal, a step that experts say is unprecedented.


-Source: News Agency

COMMENTS


*

Name

AROUND THE GLOBE,3417,business,74,BY READERS,479,FEATURE,289,GLOBE,16,KERALA,13,Movie,327,s,1,SPECIAL STORY,394,TAMILNADU,3,TOP STORY,4138,TRAVEL,8,
ltr
item
Local Glob: Walmart joins Microsoft in bid for video app TikTok
Walmart joins Microsoft in bid for video app TikTok
https://1.bp.blogspot.com/-vpI9euMSS28/X0pHA76INVI/AAAAAAAAuj8/ZUUOWBg_8eI02nVlnOz1OThRi8RZ5kUOACLcBGAsYHQ/s0/tik%2Btok.png
https://1.bp.blogspot.com/-vpI9euMSS28/X0pHA76INVI/AAAAAAAAuj8/ZUUOWBg_8eI02nVlnOz1OThRi8RZ5kUOACLcBGAsYHQ/s72-c/tik%2Btok.png
Local Glob
http://www.localglob.com/2020/08/walmart-joins-microsoft-in-bid-for.html
http://www.localglob.com/
http://www.localglob.com/
http://www.localglob.com/2020/08/walmart-joins-microsoft-in-bid-for.html
true
8255692317570297677
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy