• Walmart CEO Doug McMillon told CNBC yesterday that his company wants to take a 7.5 percent stake in video app TikTok's US operations - in partnership with Oracle - because it "sees social media as a huge business opportunity and a powerful way to reach customers."
TikTok, McMillon said, can be a “discovery opportunity” for consumers to find merchandise they want to buy.
"If you’re watching a TikTok video and somebody’s got a piece of apparel or an item on it that you really like, what if you could just quickly purchase that item?” he said. “That’s what we’re seeing happen in countries around the world. And it’s intriguing to us, and we would like to be part of it.”