Walmart shares jump after report it’s partnering with Microsoft on TikTok bid
- 27th August 2020
- Posted by: Hakeem
- Category: Business plans, Stock
Walmart Inc. WMT, 4.98% stock jumped 4.4% in Thursday trading after a CNBC report that it is teaming up with Microsoft Corp. MSFT, 2.69% on a bid for the video sharing site TikTok. Chinese-owned TikTok has been under pressure to sell its U.S. operations, with President Trump raising the specter of TikTok as a potential threat to national security. Microsoft and Oracle Corp. ORCL, -0.74% have been named as prospective buyers. CNBC reports that TikTok is close to selling operations in New Zealand and other countries, in addition to the U.S., in a deal that could reach $30 billion. TikTok’s Chief Executive Kevin Mayer has resigned amid the discussions. Walmart stock has gained 14.8% for the year to date. Microsoft stock is up 45.6%. And the Dow Jones Industrial Average DJIA, 0.60% has edged up 0.2% for the period.