3 Reasons Why Walmart Is Chasing TikTok
Walmart shocked nearly everyone on Wednesday night when it said it had joined forces with Microsoft to try to buy social media sensation TikTok. After all, what would the world’s biggest retailer want with a service known for lip-synch videos and dancing? “I was kind of surprised,” said Brian Yarbrough, analyst at investment firm Edward Jones. “I never thought Walmart would be one of the bidders. But when you sit back and think about it, it does seem to make sense.” That’s debatable, but what’s clear is that the social media app is under pressure to sell after President Donald Trump, citing national security concerns, threatened to shutter the app in the U.S. if its Chinese owner, ByteDance, failed to sell its U.S. operations by Sept. 15. Read more at Fortune.
