Walmart and Microsoft are teaming up to buy TikTok
In what seems like the strangest news of the day, Walmart says they will be purchasing popular messaging app TikTok.
Sees:
For Walmart, a political tug of war over TikTok has become an opportunity to nab an app with a huge fan following.
The company confirmed Thursday that it’s teaming up with Microsoft to buy the tech platform, which is owned by Beijing-based ByteDance.
TikTok’s parent company is looking for a buyer after the U.S. government pushed for a ban of the app and alleged the Chinese government could access user data. TikTok has denied those allegations and is challenging the U.S. government in a lawsuit. ByteDance is weighing other offers, including one from Oracle, but could pick the buyer in coming days, according to people familiar with the matter.
For some, the big-box retailer — best known for its giant Supercenters and its low prices — may seem like an unlikely buyer for the tech platform of viral videos and numerous teenage users. Yet Walmart’s background as a retailer rather than a tech company may actually give it an edge. Some companies, such as Amazon or Facebook, have been boxed out of the bidding war because they already have a huge tech presence and would raise antitrust concerns.
As far as I know this would be the first foray into social media for Walmart
The purchase agreement wasn't revealed yet but sources say it will be between $20-$30 billion to acquire TikTok.
President Trump recently made headlines when he said that TikTok would have to be purchased by a "very American company" or it would be banned in the United States.
Well it appears like the Chinese founders are ready to sell as well.
I am not sure what this means for TikTok in terms of development but I do know that it is hugely poplar among the youths.
Everywhere I go I see and hear about people making TikTok videos and spending all day on there watching other videos.
It's a like a combination of youtube and snapchat for the teens.