The sale price is expected to be in the range of US$20 billion to US$30 billion, CNBC reported last week. TikTok’s Chinese parent company, Bytedance, said over the weekend that it would need a license from the Chinese government before it can sell to a U.S. company. Walmart originally sought to be the majority owner in the deal in a consortium including Alphabet and SoftBank. TikTok’s CEO Kevin Mayer resigned last week as the deal neared its close, after just a few months on the job. Pappas told CNBC in an interview on Friday that she saw synergies with Walmart thanks to new e-commerce tools inside the TikTok app.

Source: The Standard August 31, 2020 13:07 UTC