Walmart Confirms Probable Minority Stake as TikTok Deal Moves Forward

As a complex deal over the fate of video-sharing platform TikTok gradually takes shape, Walmart (NYSE: WMT) announced today in a press release it will likely buy a 7.5% stake in the service. The statement adds that the "partnership will provide Walmart with an important way for us to expand our reach and serve omnichannel customers, as well as grow our third-party marketplace, fulfillment, and advertising businesses."

According to a CNBC report, the latest version of the deal, which may be acceptable to both the U.S. and Chinese governments, would nominally place 53% of TikTok's ownership in American hands.

Image source: Getty Images.

Source Fool.com