TikTok CEO Kevin Mayer resigned Thursday amid the Trump administration's efforts to ban the popular video app in the U.S. because of national security concerns.
H/T: Just The News
“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,” he said in the letter, obtained by the Associated Press. “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.”
BREAKING: TikTok CEO Kevin Mayer quit after being excluded from deal talks between the company and Microsoft & Oracle, a source tells @JBoorstin. Multiple sources also tell CNBC that Mayer's exit indicates that a deal—likely a sale to Microsoft—could come in the next 48 hours. pic.twitter.com/TOcSrn8Xd8— CNBC Now (@CNBCnow) August 27, 2020
More: TikTok likely to announce sale of U.S. operations in the coming days for $20 billion-$30 billion, sources say. https://t.co/wNSN0ZQh9M— CNBC Now (@CNBCnow) August 27, 2020
“The way TikTok has integrated e-commerce and advertising capabilities in other markets is a clear benefit to creators and users in those markets,” says a Walmart spokesperson in a statement to CNBC. “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 grow our third-party marketplace and advertising businesses. 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.”
Walmart is teaming up with Microsoft to acquire TikTok, @CNBC reports.— Pop Crave (@PopCrave) August 27, 2020
The retailer would use TikTok to grow its third-party marketing/advertising businesses and reach “omnichannel” customers.
🔗: https://t.co/fcr8Nmsotx pic.twitter.com/XaPCtRz43M
Walmart has held talks with Microsoft about joining its pursuit of TikTok, saying the partnership would help the retailer reach customers and boost its marketplace https://t.co/lX6u1eTnrV— The Wall Street Journal (@WSJ) August 27, 2020
LATEST: Walmart is partnering with Microsoft in a joint bid to acquire TikTok. Walmart shares rose as high as 4% on the news https://t.co/xnonl9jVgU— Bloomberg (@business) August 27, 2020
OK,,,— Scott Galloway (@profgalloway) August 27, 2020