Walmart expects generational benefits from TikTok stake
September 22, 2020
Walmart is expected to take a 7.5 percent stake in TikTok’s operations in the U.S. once the deal the retailer and Oracle have made with the video app company is approved by the government. Walmart CEO Doug McMillon will have a seat on the five-person board of the company that has more than 100 million active monthly users in the U.S. “For legacy brands, like a Walmart, being able to effectively introduce themselves is very important,” said Jason Dorsey, president of the Center for Generational Kinetics. “There’s rarely moments where they can engage in such an intensely valued platform and really have a front-row seat to the next generation of consumers. That’s what this could potentially give them.”
Recent News
TikTok Suspends TikTok Lite Rewards Program in the EU
A TikTok service offering rewards such as gift vouchers for watching videos has been suspended by the social media site.
FCC Votes To Restore Net Neutrality Rules
The Federal Communications Commission (FCC) voted 3-2 on Thursday to reinstate net neutrality rules that were rolled back during the Trump administration.
Blackstone To Buy Tropical Smoothie Cafe
Alternative asset manager Blackstone is set to buy the restaurant chain Tropical Smoothie Cafe.
Ford’s Total EV Sales Post $1.3 Billion Loss in Q1
Ford’s EV division, known as Model e, faced a tough start to 2024.