Donald Trump has signed off on an 11th hour deal allowing Oracle and Walmart to purchase a stake in TikTok, allowing the popular video sharing platform to avoid a ban in the U.S. previously set for Sunday. As part of the deal, the U.S. software company Oracle is partnering with Walmart to form a new entity called TikTok Global, which will be headquartered in the United States. Oracle will host all of TikTok’s U.S. user data and will safeguard TikTok’s computer systems “to ensure U.S. national security requirements are fully satisfied,” TikTok said in a statement (via NPR). However, the deal fall short of previous demands made by the Trump Administration. The Chinese-owned ByteDance will maintain an 80% stake in TikTok as well as control over its algorithm. Additionally, ByteDance has dispu...
Just when you thought the TikTok Royal Rumble couldn’t get any wilder, Walmart’s entrance music started to play. As CNBC reports, the Big Box chain is making a late move to acquire TikTok by tag-teaming with Microsoft. TikiTok is currently owned by the Beijing-based company ByteDance. By joining together, Microsoft and Walmart hope to fend off other deep-pocketed bidders, including the tech giant Oracle. CNBC guesses the final price tag will be between $20 and $30 billion, and a deal could happen within the week. Ever since a sale seemed likely, Microsoft has been connected to TikTok. But Walmart’s interest is new, and seems to stem from its desire to compete with Amazon Prime. In July, Walmart announced Walmart +, which is exactly what it sounds like: a Sam’s Club ripoff of more...
Capitalism is going on holiday — at least for one day. Walmart has announced that it will close all of its stores on Thanksgiving this year. This marks the first time the mega-chain has done so since the late ’80s. Like many big-box stores, Walmart has been known to cash in on the shopping extravaganza that is Black Friday by opening its doors the day before on Thanksgiving. These “doorbuster” events typically draw massive crowds and, depending on what new electronic gadget is on sale, sometimes even turn violent. So has Walmart suddenly grown a heart big enough to trump the almighty dollar? Well, sort of. The company’s decision to close all 4,500+ of its stores on Thanksgiving is tied to the coronavirus pandemic. Walmart execs want to gift their employees with a day off, especially those ...
Source: ANDREW CABALLERO-REYNOLDS / Getty In a move that makes all the sense in the world right now, big retailers will now require customers to wear masks. Kicking off things off, Walmart said in a blog post would start enforcing a new rule requiring patrons to wear face masks beginning Monday (Jul.20). Per Walmart: “As the number of confirmed cases has spiked in communities across the country recently, so too have the number and types of face-covering mandates being implemented. Currently, about 65 percent of our more than 5,000 stores and clubs are located in areas where there is some form of government mandate on face coverings. To help bring consistency across stores and clubs, we will require all shoppers to wear a face-covering starting Monday, July 20. This will give us time to inf...
Source: Scott Olson / Getty One of the biggest national retailers has started putting more respect on the Black dollar. Walmart has stopped selling clothing that clearly goes against the movement. As spotted on ABC 13 the supermarket corporation has halted sales of all “All Lives Matter” selections throughout their 4,000 stores throughout the country. The Bentonville, Arizona company released a formal statement on their website detailing their stance on the matter. “Like other major online retailers, we operate a marketplace that allows third-party sellers to sell merchandise to customers on our website. Recently, some associates and customers have raised concerns about ‘All Lives Matter’ products” it read. “We fundamentally believe all lives do matter and every individual deserves re...