Walmart would like to buy Generation Z’s favorite social media app.
According to CNBC, the U.S.-based retail giant is making moves to acquire TikTok. The report says Walmart plans on teaming up with Microsoft for the bid.
News of Walmart’s interest follows a report from earlier on Thursday that says TikTok is close to a sale valued between $20 billion to $30 billion. The price would include the company’s operations in the U.S., Canada, Australia, and New Zealand.
“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,” said a Walmart spokesperson, confirming the company’s interest in an acquisition, to CNBC.
Earlier this morning, TikTok CEO Kevin Mayer resigned from the company a mere four months into his stint. The former Disney executive cited the political pressure from the Trump administration as his reason for leaving TikTok.
The U.S. government has pressured TikTok for months over the company’s ties to its China-based parent company, ByteDance. On August 6, President Donald Trump signed an executive order that gave the video app an ultimatum: cut those Chinese ties or be banned in the United States. The Trump administration cited cybersecurity concerns related to the Chinese government’s access to the app’s data for its stance. However, just this week, TikTok filed a lawsuit against the administration, claiming their decision is politically based.
An acquisition announcement from TikTok could come as early as next week, according to the CNBC report.