Microsoft Corporation MSFT shares were trading higher Thursday on reports that TikTok is likely to announce the sale of its U.S. operations in the coming days for $20-$30 billion.
Walmart Inc WMT has confirmed it will be teaming up with Microsoft in a bid for TikTok, according to CNBC.
“The way Tik Tok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets,” Walmart told CNBC in a statement.
Bidding War: Both Microsoft and Oracle ORCL are in talks to buy TikTok and are at the negotiation stage. Oracle has submitted a bid for Tiktok in a $20-billion stock-and-cash deal.
Why It Matters: U.S. President Donald Trump signed an executive order earlier this month that would effectively stifle TikTok's operations in the U.S. unless parent company ByteDance makes a sale within 45 days.
The president accused the company of siphoning off “vast swaths of information” from its users, and doing the bidding of the Chinese Communist Party.
On Thursday, TikTok CEO Kevin Mayer resigned.
MSFT Price Action: Microsoft shares were trading up 3% at $227.79 on Thursday.
The stock has a 52-week high of $231.15 and a 52-week low of $132.52.
Related Links:
TikTok CEO Kevin Mayer Quits, Says US Push For A Sale Drove Decision
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