Corbis via Getty ImagesWalmart and Microsoft’s joint bid is set to compete with Oracle, whose bid to acquire TikTok isbeing backed by venture capital firms General Atlantic and Sequoia Capital, both of whom are major investors in TikTok’s Beijing-based parent ByteDance.
Walmart told CNBC that TikTok’s integration of e-commerce and advertising was a “clear benefit to creators and users” of the platform. The company also added that TikTok would enable it to grow its online third-party marketplace and advertising businesses while also allowing it to better reach its own online customers.
Both Microsoft and Oracle are trying to purchase TikTok’s operation in the U.S., Canada, Australia, and New Zealand.A price for the sale has not been set but the valuation will likely be in the $20 billion to $30 billion range, the CNBC report added. An earlier report on CNBC had noted that Walmart had been working with SoftBank on a potential deal, but Walmart’s lack of cloud infrastructure— like the one Microsoft has— would have made the deal a non-starter for the U.S. government which is seeking to keep TikTok user data inside the country.Walmart told CNBC in a statement that it was confident that a partnership with Microsoft “would meet both the expectations of U.S. TikTok users while satisfying the concerns of US government regulators.
Stay in your lane Walmart. You sell jeans and fishing rods and diapers and bologna and bacon. You don't have the expertise in video social media; even if it comes from China.
On what basis should a government kick out a private company from market? And inviting others to carve out its assets like vultures? National security? Don’t be a fool, you see any evidence?
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