Everybody has their eyes on one thing right now – Tik Tok, that has seen some unfortunate times in India and the USA, recently. It was banned in the US in June and Microsoft was the first one to make to the ‘up for grabs’ list.
Now, the retail giant Walmart wants acquisition in the deal with Microsoft, which has also partnered for the deal. It was reported by CNBC that Tik Tok is agreeing to sell its US, Canadian, Australian, and New Zealand operations in a dal that is likely to be in the $20 – $30 Billion range, sources say,” CNBC stated.
Earlier in the day, TikTok CEO Kevin Meyer resigned from the company, owing to growing uncertainties around its future.
In a letter to employees, Meyer stated, “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.”
Tik Tok’s future in India remains debatable. Reliance too showed their interest in buying the company’s local operations. However, there is no proper word out on this. Before this, TikTok had 200 million users, while its parent company ByteDance had 2,000 employees in the country.
TikTok was pushed to scout for a buyer of its US operations in July after government authorities threatened to ban the application for security reasons. Walmart is the latest to join the bidder list. Others include Oracle and Microsoft, of course.