Wall Street was swift to see the rationale behind Walmart Inc jumping into the fray to buy TikTok - access to millions of young, digitally savvy ...
Wall Street was swift to see the rationale behind Walmart Inc jumping into the fray to buy TikTok - access to millions of young, digitally savvy users who could help the 60-year-old company boost its online sales.
The retailer revealed plans to join Microsoft Corp in a bid for the social media firm's U.S. assets on Thursday, hours after the video company's chief executive said he would step down.Analysts said Walmart picking up a stake in the short-form video app, which is owned by China's ByteDance and claims to have about 100 million active monthly users in the United States, could be a game changer for the world's largest retailer.
"The lines are blurring between traditional shopping, digital shopping and social media. Walmart needs more exposure to this trend." A combination of Walmart's e-commerce operations and customer purchase data with Microsoft's Azure cloud platform and TikTok's mostly millennial and Gen Z monthly users could create a digital behemoth even more dominant than Amazon.com Inc or Facebook, Jefferies analyst Christopher Mandeville said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Walmart joins Microsoft bid for TikTok as TikTok CEO quitsSAN FRANCISCO (REUTERS) - Walmart said it was joining Microsoft in a bid for social media company TikTok's US assets, revealing its plans hours after Chief Executive Kevin Mayer said he would step down.. Read more at straitstimes.com.
Read more »
TikTok CEO Kevin Mayer quits - FTTikTok Chief Executive Officer Kevin Mayer has quit his role and general manager Vanessa Pappas will replace him on an interim basis, the ...
Read more »
Auschwitz museum calls TikTok Holocaust videos 'hurtful'The Auschwitz museum on Wednesday called a new trend for users of video-sharing platform TikTok to role-play Holocaust victims 'hurtful and ...
Read more »
TikTok CEO Kevin Mayer quits after less than three monthsBEIJING — TikTok Chief Executive Officer Kevin Mayer has left the company, less than three months after he joined the hit short video app, and US General Manager Vanessa Pappas will replace him on an interim basis, according to an internal memo seen by Reuters.
Read more »