TikTok CEO Kevin Mayer resigned following pressure from the Trump administration that its Chinese owner sell the popular video app.
Mayer told employees in a memo that he was leaving TikTok just months after being named CEO because the "political environment has sharply changed." Mayer left Walt Disney to join TikTok in May.
“In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for,” Mayer said in the memo. “I understand that the role that I signed up for - including running TikTok globally - will look very different as a result of the U.S. administration’s action to push for a sell off of the U.S. business.”
The Trump administration issued an order that would ban TikTok unless its parent company, China's ByteDance, sold the app's U.S. operations to an American company within 90 days. The Trump administration cited TikTok's alleged threat to national security.
Vanessa Pappas, head of TikTok's U.S. operations, will run the company following Mayer's departure.
And Microsoft earlier this month had said it was talking with Tiktok's parent, Bytedance, about acquiring the video app.
Walmart said that it would be joining Microsoft on a deal that would ease the concerns of regulators about TikTok.
“The way Tik Tok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets,” Walmart said.
And Oracle is reportedly submitting a $20 billion bid for TikTok, per TheWrap.
Oracle declined to comment about the bid in an email to TheStreet.
Jim Cramer said at the end of the day, working for Microsoft or Oracle just wasn't what Mayer signed up for.
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