Report: Walmart Wants to Jointly Acquire TikTok With Microsoft

'We are confident that a Walmart and Microsoft partnership would meet both the expectations of U.S. TikTok users while satisfying the concerns of U.S. government regulators,' the retail giant tells CNBC.
Report: Walmart Wants to Jointly Acquire TikTok With Microsoft
Image credit: Joe Raedle | Getty Images via PCMag

Free Book Preview Ultimate Guide to Social Media Marketing

This book takes readers through a 360-degree perspective of social media marketing in businesses.
2 min read
This story originally appeared on PC Mag

Imagine the U.S.’s largest retail chain owning TikTok. Well, it could happen. According to CNBC, Walmart is teaming up with Microsoft to acquire the video-sharing app, citing TikTok’s ability to integrate ecommerce and advertising. 

“We believe a potential relationship with TikTok U.S. 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,” the retail giant told CNBC in a statement. 

“We are confident that a Walmart and Microsoft partnership would meet both the expectations of US TikTok users while satisfying the concerns of U.S. government regulators,” Walmart added.

The retail giant is pursuing the acquisition as it prepares to launch Walmart+, a competitor to Amazon Prime, which offers free shipping on online orders and other benefits for $119 a year. 

Related: TikTok CEO Kevin Mayer Resigns

In the meantime, TikTok appears ready to announce its new owner. On Wednesday night, TikTok CEO Kevin Meyer resigned, writing in an internal memo that company parent ByteDance expects to “reach a resolution very soon.”

CNBC reports TikTok will likely announce a sale in the coming days; a deal for the video-sharing app is expected to cost between $20 billion and $30 billion. Oracle is the other major party interested in buying TikTok.

As for Walmart, it remains unclear how it would use TikTok. But in the second quarter, Walmart’s U.S. ecommerce sales jumped by 97 percent, thanks in part to more customers shopping online during the pandemic. 

More from Entrepreneur

We created the SYOB course to help you get started on your entrepreneurial journey. You can now sign up for just $99, plus receive a 7-day free trial. Just use promo code SYOB99 to claim your offer.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur