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Walmart Is Partnering With Microsoft In Bid For TikTok

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Walmart  (WMT) - Get Free Report is partnering with Microsoft  (MSFT) - Get Free Report in a bid to buy the troubled Chinese-owned video app TikTok.

“The way TikTok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets,” the retail giant said, in a statement, on Thursday.

“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 omnichannel customers as well as grow our third-party marketplace and advertising businesses," it added.

At the time of publication, Walmart had not responded to a request for comment by TheStreet.

Walmart shares are up more than 4% on the news.

Database-software giant Oracle  (ORCL) - Get Free Report has also been reported to be in talks with TikTok for acquisition. Oracle declined TheStreet's request for comment.

TikTok's CEO Kevin Mayer resigned from his role Thursday.

"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. Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company," said Mayer, in a letter written to his team.

"We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin's role would be going forward, and fully respect his decision," a TikTok spokesperson said in a statement to TheStreet. 

TikTok has more than 100 million users in the U.S.

The clock is ticking for TikTok to sell its U.S. services to an American company. On August 7, U.S. President Donald Trump issued executive orders that would ban TikTok if it isn’t sold in 45 days.

In June, India banned TikTok, along with other Chinese apps citing 'security concerns'.

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