Walmart announced today that it is joining forces with Microsoft in bidding for social media company TikTok’s U.S. assets.
Earlier this month, President Trump issued an order mandating the sale of TikTok’s U.S. operations within 90 days.
The administration believes the app’s China-based parent company, ByteDance mines the app for data on U.S. users and then shares it with intelligence agencies in China.
Walmart hopes TikTok’s integration of e-commerce and advertising capabilities in other markets will duplicate itself in the U.S. The deal would presumably help Walmart reach customers across virtual and physical sales channels and grow its online marketplace and its advertising business.
“We are confident that a Walmart and Microsoft partnership would meet both the expectations of U.S. TikTok users while satisfying the concerns of U.S. government regulators,” Walmart said in a statement.
ByteDance is looking to enter exclusive talks with a bidder in the next 24 to 48 hours and ink a deal by Sept. 15, people familiar with the matter told Reuters.
Photo by Mike Mozart