September 25, 2020

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TikTok Sale Might be Announced on Tuesday

2 min read

Bytedance the owners of popular social media platform TikTok may be willing to give up its ownership of TikTok. This news appears with a new report on Monday stating the social networking app’s sale being finalized tomorrow.

CNBC reported on Monday that a deal for TikTok’s US, New Zealand and Australian operations is expected to be announced “as soon as Tuesday”. However, it is unclear how the Chinese new rules on exporting technology could impact the deal.

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Throw backs lead us to recall that Microsoft, Oracle, and an Unnamed US company made a group bid on TikTok. Retail Giant Walmart also stated its interest in having a bite of TikTok’s apple by joining Microsoft in a group bid. Recent reports also valued TikTok’s US, Canadian, Australian, and New Zealand business at $30 billion.

Walmart stated that it believes TikTok’s integration with advertising is a “clear benefit to creators and users in those markets” and offers an opportunity to bring a new spin to e-commerce.

“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 [different types of] customers as well as grow our third-party marketplace and advertising businesses,” Walmart said in the statement.

According to CNBC, Walmart had originally decided on having a deal with Alphabet, but then switched to Microsoft when it saw it wouldn’t gain a majority stake in TikTok. However, the three companies TikTok, Microsoft, and Oracle have declined to comment since last week.

Source

Author: Joel Onyeike

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