US Largest Retailer Collaborates with MS on TikTok Acquisition
Google Also Joins Acquisition Battle
[Asia Economy New York=Correspondent Baek Jong-min] Walmart, the largest offline retailer in the United States, has been revealed to have joined the bidding war to acquire the Chinese video-sharing app TikTok, which Microsoft (MS) is pursuing. Google is also reportedly independently attempting to acquire TikTok.
According to the Wall Street Journal, Walmart stated in a press release on the 27th (local time) that it is cooperating with MS in acquiring TikTok and that acquiring TikTok would help not only the online marketplace and advertising market but also in reaching consumers based on the internet.
Walmart added that if it acquires TikTok as a partner with MS, it would also alleviate the U.S. government's concerns about national security threats.
Following the signing of an executive order by U.S. President Donald Trump, which announced a ban on transactions between TikTok's parent company ByteDance and American companies, ByteDance is currently negotiating sales with MS, Oracle, and others. In Oracle's case, the possibility of acquisition is rapidly rising as its founder, Larry Ellison, is a close friend of President Trump.
On the same day, the Wall Street Journal reported that Alphabet, Google's parent company, also joined the TikTok acquisition battle this week. As the deadline for the executive order on TikTok approaches, the competition for acquisition is intensifying. In this situation, TikTok's CEO Kevin Mayer suddenly announced his resignation a day earlier.
Meanwhile, on the New York Stock Exchange that day, Walmart's stock price surged by as much as 5.5% following the announcement of the TikTok acquisition push.
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