Microsoft TikTok purchase could happen within next 48 hours

Update, August 27 (11:30 am ET): According to a follow-up CNBC report, Walmart has confirmed it is "teaming up with Microsoft" in its bid for TikTok.

What you need to know

• TikTok CEO Kevin Mayer reportedly left his role at the company after being excluded from talks regarding the sale of TikTok.
• Mayer's departure indicates that a sale of TikTok could be imminent.
• CNBC reports that TikTok will likely be sold within the next 48 hours and that Microsoft is the most likely purchaser.

Former TikTok CEO Kevin Mayer stepped down from his role at the company earlier today. Now, it's reported that one reason Mayer resigned was that he was excluded from talks regarding potential deals to sell TikTok to Microsoft or Oracle. CNBC's Julie Boorstin also reports that a sale of TikTok could come within the next 48 hours, likely to Microsoft.

Mayer only joined TikTok in May, and reportedly the reason he was left out of discussions was that TikTok and ByteDance had relationships with Microsoft that predated Mayer's arrival. That relationship was built as TikTok spoke with Microsoft about potentially switching its cloud service provider from Google to Microsoft's Azure.

CNBC also reports that Mayer wanted to run a large, powerful company rather than run a division that's part of a large tech company. Mayer would have reportedly stayed if a group of investors purchased TikTok rather than one large company.

Because Mayer's departure would not have occurred if a group of investors purchased TikTok, the fact that Mayer left indicates that TikTok will be sold to a single company. CNBC reports that "we're likely to see a deal with a Microsoft or an Oracle, more likely Microsoft." Boorstin concludes by adding that the "deal could come in the next 48 hours or so."