From Breakingviews: TikTok CEO Kevin Mayer is leaving the popular video app after three months at the helm. Columnist jennifersaba explains how Mayer’s exit makes for more chaos. More
- Walmart Inc said it was joining Microsoft in a bid for social media company TikTok’s U.S. assets, revealing its plans hours after the video company’s chief executive said he would step down.
The Trump administration has demanded that China’s ByteDance, which owns TikTok globally, sell its U.S. operations. Earlier this week, TikTok also sued over an executive order effectively banning it in the United States. ByteDance founder and CEO Zhang Yiming said in a separate letter reviewed by Reuters that the company was “moving quickly to find resolutions to the issues that we face globally, particularly in the U.S. and India”.“It is never easy to come into a leadership position in a company moving as quickly as we are, and the circumstances following his arrival made it all the more complex,” Zhang said.
ByteDance has been in talks to sell TikTok’s North American, Australian and New Zealand operations which could be worth $25 billion to $30 billion, people with knowledge of the matter have said. TechCrunch reported earlier this month that ByteDance was in talks with India’s Reliance for investment in TikTok.
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