September 29, 2023

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TikTok sale appears imminent, rumors fly on Microsoft, Oracle, Softbank and Walmart involvement


Microsoft earlier confirmed it’s interested in acquiring the popular app.

Angela Lang/CNET

Chinese tech giant ByteDance may be ready to give up its control of TikTok after all, with a recent report saying the social networking app’s sale may be finalized within the next couple days.

A new report from CNBC says the deal for TikTok’s North American and Australian operations is expected to be announced “in the coming days,” citing sources who wished to remain anonymous. So far, Microsoft, Oracle and “a third US company” have made bids on TikTok, CNBC added, noting that retail giant Walmart has been working with Japanese investment firm SoftBank on a potential bid. The report said TikTok’s US, Canadian, Australian and New Zealand business are valued at up to $30 billion.

The move comes following TikTok CEO Kevin Mayer’s resignation Thursday, marking a sudden end to his three month tenure helming the company after running Disney’s streaming video business. ByteDance, Microsoft, Oracle, Softbank and Walmart didn’t respond to requests for comment.

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TikTok ban: What you need to know


The social networking app has had a rocky past few months, punctuated with announcements from US government agencies, the military, Congress and The White House warning it poses a national security risk. President Donald Trump said he intends to ban the app from the US unless it’s purchased by an American company.

“The spread in the United States of mobile applications developed and owned by companies in the People’s Republic of China continues to threaten the national security, foreign policy, and economy of the United States,” Trump said in hisĀ initial executive order announcing the upcoming ban.” At this time, action must be taken to address the threat posed by one mobile application in particular, TikTok.”

This is a developing story…

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