Shares of Walmart (NYSE: WMT) were rising 5% in afternoon trading Thursday after it was reported the retail giant was partnering with Microsoft (NASDAQ: MSFT) to bid on TikTok, the popular Chinese video sharing site that has run afoul of U.S. national security concerns. President Trump has forbidden American companies from doing business with its parent ByteDance because of the massive amounts of data it quietly collects on its users, which is feared could be used for blackmail, tracking government employees, or corporate espionage. Trump has given ByteDance an ultimatum to sell TikTok, and numerous companies have expressed interest in acquiring it. Read More...
Why Shares of Walmart and Microsoft Are Rising Today
Shares of Walmart (NYSE: WMT) were rising 5% in afternoon trading Thursday after it was reported the retail giant was partnering with Microsoft (NASDAQ: MSFT) to bid on TikTok, the popular Chinese video sharing site that has run afoul of U.S. national security concerns. President Trump has forbidden American companies from doing business with its parent ByteDance because of the massive amounts of data it quietly collects on its users, which is feared could be used for blackmail, tracking government employees, or corporate espionage. Trump has given ByteDance an ultimatum to sell TikTok, and numerous companies have expressed interest in acquiring it.
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