Key Takeaways:
- Walmart denies reports it was considering buying TikTok.
- TikTok’s parent company, ByteDance, faces pressure to sell its U.S. operations.
- Multiple bidders, including Amazon and Oracle, are in the race.
- The U.S. government is overseeing the sale due to security concerns.
- TikTok could face a U.S. ban if no deal is reached.
Walmart Denies TikTok Bid Rumors
You might have heard rumors that Walmart was thinking of buying TikTok, but guess what? It’s just not true. Walmart recently denied a report from ABC News that said the company was “actively considering” joining a group of investors to purchase the popular app.
Reuters says Walmart quickly shut down the rumor after ABC News published the story. The report suggested that Amazon’s involvement in the bidding process had sparked Walmart’s interest. But a Walmart spokesperson called the story “incorrect,” and now the article is gone from ABC’s website.
Why Is TikTok’s Sale Such a Big Deal?
TikTok’s parent company, ByteDance, is under a lot of pressure to sell its U.S. operations. This is happening because of concerns that the Chinese government could access data from American users through the app. The situation got more complicated recently when President Donald Trump extended the deadline for the sale by 75 more days.
The delay reportedly happened because China wasn’t happy with U.S. tariffs and blocked the deal. Now, the White House is taking charge of the sale process, with U.S. officials like VP JD Vance and Commerce Secretary Howard Lutnick leading the efforts.
Who Else Is Bidding for TikTok?
Amazon jumped into the bidding last week with a last-minute offer, but The New York Times says its bid isn’t being taken seriously. Other big names in the race include a group of U.S. investors led by Larry Ellison’s Oracle and private equity firm Blackstone.
A newer bidder is Zoop, a social media startup co-founded by Tim Stokely, who also started OnlyFans. Zoop has partnered with a cryptocurrency company called The Hbar Foundation, and they’re positioning their bid as a “creator-first revolution” against big social media companies.
Walmart’s History with TikTok
This isn’t the first time Walmart has been linked to TikTok. Back in 2020, the company considered teaming up with Microsoft to buy the app. But now, it seems Walmart is staying out of the race.
If no deal is reached, TikTok could face a ban in the U.S. because of a 2024 law that cites national security concerns. For now, the fate of TikTok in America remains uncertain as the bidding process continues.
What’s Next for TikTok?
The drama surrounding TikTok’s sale is far from over. With major companies like Amazon and Oracle in the mix, and newer players like Zoop making waves, it’s hard to predict who will come out on top.
One thing is clear: TikTok’s future in the U.S. depends on this sale. If no buyer is found, millions of TikTok users in America could lose access to the app they love.
As the situation unfolds, keep an eye out for more updates. The TikTok saga is anything but boring!
