Initially reported by CNBC, big-box retailer Walmart has confirmed they have partnered with Microsoft in a bid to acquire TikTok from partner company ByteDance.
Since it's launch in 2017, the platform has amassed more than 80 million users in the domestic United States. During the pandemic, the rise of the platform resulted in a massive swell of downloads. The Chinese version, called Douyin coupled with the global app reached over 2 billion downloads in April.
The acquisition is expected to fetch somewhere in the neighborhood of 20 to 30 billion dollars.
In a statement issued regarding the news, Walmart has said, “We are confident that a Walmart and Microsoft partnership would meet both the expectations of US TikTok users while satisfying the concerns of US government regulators.”
As for those regulations, President Donald Trump has done everything but ban the app in the United States citing security concerns. Earlier this month, the President signed an executive order halting "transactions" with the Chinese owners of TikTok and WeChat.
The orders go into effect in September and will likely mean limited availability of the app, unless TikTok is sold.
According to a report filed by The Wall Street Journal, ByteDance is currently preparing a lawsuit against the Trump administration over the debacle.