Walmart shares jump after report it's partnering with Microsoft on TikTok bid
Walmart Inc. stock jumped 4.4% in Thursday trading after a CNBC report that it is teaming up with Microsoft Corp. 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. 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 has edged up 0.2% for the period.
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