Fri 28 August 2020:
Chinese tech giant ByteDance may be ready to give up its control of TikTok after all, with a new report saying the social networking app’s sale may be finalized within the next couple of days.
In a statement, Walmart cited a potential boost from TikTok to the giant retailer’s online presence, including its efforts to grow online advertising and a marketplace for third-party sellers.
The Trump administration has escalated its campaign to force TikTok to cut ties with its Chinese ownership. Earlier this month, Microsoft announced its bid to buy TikTok’s operations in the U.S., Canada, Australia and New Zealand. Other bidders have been rumored to include Oracle and Twitter.
In Thursday’s statement, Walmart said it was “confident” that its joint deal with Microsoft would satisfy both TikTok users and U.S. government regulators. Microsoft declined to comment on Walmart’s announcement.
“The way TikTok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets,” Walmart said. “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 serve omnichannel customers as well as grow our third-party marketplace and advertising businesses.”
The app has grown over the past year to more than 100 million users in the US and more than 2 billion downloads around the world, making it a cultural phenomenon particularly among teenagers. Its short-video format has helped dance and comedy sketches go viral both on its service as well as on Twitter, Facebook and Instagram.
President Donald Trump said he intends to ban the app from the US by early November unless it’s purchased by an American company, touching off an odd acquisition process among the tech industry’s largest non-social networking companies, particularly Microsoft.
