Oracle stock jumps 5% as cloud provider joins investor group to run TikTok's U.S. business [CNBC]
Oracle Corporation (ORCL)
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Source: CNBC
The deal prevents a shutdown of the app in the U.S. over national security concerns. Oracle shares have been on a tumultuous run in recent weeks as fears mount over the sustainability of the AI trade. In this article Oracle 's stock jumped about 4% Friday after the cloud provider joined a group of investors slated to lead TikTok 's U.S. operations. In a memo to employees Thursday, CEO Shou Zi Chew said the social media company's U.S. division will be run by a joint venture that includes Oracle, Silver Lake, and Abu Dhabi-based MGX. The deal is expected to close on Jan. 22. The agreement prevents the popular social platform from getting banned after President Joe Biden signed a law requiring a divestiture of the company's U.S. unit due to national security concerns. President Donald Trump extended the deadline for a deal on multiple occasions and signed an executive order in September that approved a potential plan for China-based ByteDance to divest. Oracle will be task
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- Oracle Q2 Earnings: Don't Catch The Falling Knife [Seeking Alpha]Seeking Alpha
- Florida billionaire Larry Ellison's company part of TikTok deal. What to know [Yahoo! Finance]Yahoo! Finance
- Oracle (ORCL)'s Going to Bend to the Bond Market's Will, Says Jim Cramer [Yahoo! Finance]Yahoo! Finance
- The Daily Chase: Carney says U.S. tariff relief ‘unlikely' [BNN Bloomberg (Canada)]BNN Bloomberg
- Bullish Outlook Lifted Oracle Corporation (ORCL) in Q3 [Yahoo! Finance]Yahoo! Finance
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