Walmart is pushing ahead with its bid to acquire TikTok despite its joint bid with Microsoft being rejected over the weekend.
Walmart has said that it is still in talks with TikTok’s owner ByteDance and “other interested parties” to try and come to a deal to acquire its US operations.
It comes just days after Microsoft announced that its joint bid with Walmart to acquire the social media giant had been rejected, with TikTok reportedly favouring a partnership deal with tech giant Oracle instead.
It is not clear whether Walmart will attempt to secure a deal for itself, or whether it could work with Oracle to hammer out an agreement.
TikTok is used by around 11 per cent of US adults at least once a week and has been downloaded more than 2 billion times globally as of April.
If Walmart were to secure a deal, TikTok’s inbuilt audience could potentially give it an edge over its key rival Amazon, providing it could successfully transform it into a functioning ecommerce platform.
TikTok has recently been following in Instagram’s footsteps by positioning itself to offer shopping via its platform.
In June it launched TikTok for business, offering brands and retailers a myriad of marketing tools to create their own adverts and connect with influencers within the app.