In collaboration with Microsoft Corp., Walmart Inc. wants to acquire TikTok. This move proves that the retail giant’s desire to become a force in technology and media and reach younger shoppers.
In an emailed statement, Walmart said that this move can help its third-party online marketplace unit along with its nascent advertising arm, two areas that Chief Executive Officer Doug McMillon has said he’d like to expand. The two companies already work together, as Walmart uses Microsoft’s Azure cloud platform across the entire company.
The share value of Walmart jumped as much as 3.6% to $135.47 in New York following news of the joint pursuit of TikTok, the biggest intraday gain since July 7.
Microsoft is in talks with TikTok to buy its business in the U.S., Canada, Australia and New Zealand. Other companies like Oracle Corp. and Twitter Inc. have come up as a potential bidder.
Walmart’s interest in the popular app shows how serious McMillon is about moving the world’s biggest retailer into the faster-growing arena of media and online content. It has partnered, and bought a stake in, Israeli video-production company Eko, which has developed things like interactive toy catalogues for Walmart.
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