Walmart joins Microsoft bid for TikTok’s US assets as video app’s CEO quits

Walmart Inc said it was joining Microsoft in a bid for social media company TikTok’s US assets, revealing its plans hours after Chief Executive Kevin Mayer said he would step down.

Mayer is leaving just three months after joining, in the middle of negotiations to sell the Chinese-owned video app’s US operations to Microsoft Corp or Oracle Corp .

Retailer Walmart lauded TikTok’s e-commerce and advertising capabilities. The sale of TikTok is happening as the company is under fire from the administration of US President Donald Trump as a potential national security risk due to the vast amount of private data the app is compiling on US consumers.