Oracle stock jumps as US, China agree to preliminary TikTok

While a US buyer of TikTok has not been named, Oracle has emerged as a top contender to acquire the social media app. CBS News reported Tuesday that Oracle will be among a consortium of companies that are part of the preliminary US-China deal to enable TikTok to continue operations.

Meanwhile, CNBC reported that the two countries' agreement would allow Oracle to continue its current cloud deal with TikTok. Oracle's servers are used to store TikTok's American user data, part of an initiative called Project Texas, launched by TikTok around 2022.

https://finance.yahoo.com/news/oracle-stock-jumps-as-us-china-agree-to-preliminary-tiktok-deal-140333211.html