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Thursday, 24 September 2026
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Thursday, 24 September 2026
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Thursday, 24 September 2026
Sun FM Gossip
TECH GIANT BYTEDANCE READY TO GIVE UP TIKTOK
Wednesday, 02 September 2020
Chinese tech giant ByteDance appears to be willing to give up its control of TikTok, with a new report stating the social networking app's sale may be finalized within the next couple of days.
Reportedly, a deal will be announced for TikTok's North American and Australian operations, noted from anonymous sources. Evidently, Microsoft, Oracle, and "a third US company" have made bids on TikTok, citing that retail giant Walmart said it will be joining hands with Microsoft for its bid. The report additionally mentioned TikTok's US, Canadian, Australian, and New Zealand businesses are estimated to cost up to $30 billion.
Walmart said in a statement that 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 reports from CNBC, Walmart had initially wanted to close a deal with Google parent company Alphabet but changed its mind to Microsoft when it unable to gain a majority of shares in TikTok if it partnered with Alphabet.
TikTok, Microsoft, and Oracle have not been open to comment.
Reportedly, a deal will be announced for TikTok's North American and Australian operations, noted from anonymous sources. Evidently, Microsoft, Oracle, and "a third US company" have made bids on TikTok, citing that retail giant Walmart said it will be joining hands with Microsoft for its bid. The report additionally mentioned TikTok's US, Canadian, Australian, and New Zealand businesses are estimated to cost up to $30 billion.
Walmart said in a statement that 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 reports from CNBC, Walmart had initially wanted to close a deal with Google parent company Alphabet but changed its mind to Microsoft when it unable to gain a majority of shares in TikTok if it partnered with Alphabet.
TikTok, Microsoft, and Oracle have not been open to comment.
The news comes shortly after TikTok CEO Kevin Mayer gave his resignation late Wednesday (26-08-20), signifying an abrupt end to his three-month tenure helming the company after running Disney's streaming video business.