Walmart’s shares jumped as much as 3.6% to US$135.47 ($185.03) in New York following news of the joint pursuit of TikTok, the biggest intraday gain since July 7.
Walmart Inc. has teamed up with Microsoft Corp. in a joint bid to acquire TikTok, a surprise move that signals the retail giant’s desire to become a force in technology and media and reach younger shoppers.
Walmart said in an emailed statement that the move could help grow its third-party online marketplace unit along with its nascent advertising arm, two areas that Chief Executive Officer Doug McMillon has said he’d like to expand. The two companies already work together, as Walmart uses Microsoft’s Azure cloud platform across the entire company.
