Walmart joins Microsoft bid for TikTok as CEO of social media app quits

Walmart Inc said it was joining Microsoft in a bid for social media company TikTok’s U.S. assets, revealing its plans hours after the video company’s chief executive said he would step down.

CEO Kevin Mayer, a high-profile former Disney executive, is leaving three months after joining TikTok, in the middle of negotiations to sell the Chinese-owned short-form video app’s U.S. operations to Microsoft Corp or Oracle Corp .