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Weekly Roundups

TikTok CEO Steps Down; Walmart, Microsoft Bid for the Platform

By Andrea Villar | Thu, 08/27/2020 - 17:35

Just three months after accepting the TikTok CEO job, former Disney executive Kevin Mayer resigned this week. Hours after that, Walmart announced its partnering with Microsoft in an attempt to buy TikTok.

“We believe a potential relationship with TikTok US in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers, as well as to grow our third-party marketplace and advertising businesses," Walmart said in a statement. "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,” said Walmart in a statement.

Mayer quit his job as the video-sharing app faces criticism from President Donald Trump over its ownership by a Chinese company, Bytedance. "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 a memo to employees that was obtained by CNN Business.

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Andrea Villar Andrea Villar Journalist and Industry Analyst