Microsoft will have a new partner, Walmart is the latest major corporation to express interest in buying TikTok
Microsoft appears to have a new partner in its search for TikTok, Walmart. The retail giant confirmed to CNBC that it is partnering with Microsoft on an offering for TikTok.
According to sources who spoke to CNBC, Tiktok is close to a deal to sell its operations in the United States, Canada, Australia and New Zealand. The deal is likely to be worth between $ 20 billion and $ 30 billion, according to CNBC sources.
According to previous reports, TikTok could be sold in or around the next 48 hours.
Microsoft is competing with Oracle to buy TikTok, but Walmart’s possible addition to an offering could affect the way things progress.
Walmart said in a statement:
We believe that a potential relationship with TikTok US in partnership with Microsoft could add this key functionality and provide Walmart an important way for us to reach and serve omnichannel customers, as well as grow our third-party market and advertising business … We are confident that a partnership between Walmart and Microsoft would meet the expectations of US TikTok users while meeting the concerns of US government regulators.
It is not clear at this time how Walmart would use TikTok if it were to succeed in purchasing the company. Walmart told CNBC that TikTok’s integration of e-commerce and advertising “is a clear benefit to creators and users in those markets.”
Oracle seeks to buy TikTok operations
Oracle has entered the race to acquire TikTok, the popular Chinese-owned short video app that President Donald Trump has promised to shut down unless taken over by a US company in mid-November, people briefed on the matter said.
The technology company co-founded by Larry Ellison had had preliminary talks with TikTok’s Chinese owner ByteDance and was seriously considering buying the app’s operations in the United States, Canada, Australia and New Zealand, the people said.
Oracle was working with a group of US investors who already own a stake in ByteDance, including General Atlantic and Sequoia Capital, the people added.