Walmart has joint Microsoft to acquire TikTok. Walmart informed in an emailed that this move will help to grow its third-party online marketplace unit. Chief Executive Officer Doug McMillon has said he would like to expand. Notably, the two companies had already work together. As Walmart had earlier used Microsoft’s Azure cloud platform across the entire company.
Chief executive of the Chinese-owned video app TikTok, Kevin Mayer said that he was resigning after the company came under pressure from the Trump administration.
Mr. Mayer said a series of changes to TikTok’s structure had prompted him to leave. The app is owned by the Chinese internet company ByteDance. It has been ordered by the White House to sell its U.S. operations by mid-September. Mr. Mayer, 58, did not address the specific timing of his departure.
Although Walmart’s shares jumped as much as 3.6% to $135.47 in New York the biggest intraday gain since July 7.
“In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for,” Mayer said in an letter to employees and reviewed by Reuters.
“Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company.”
