Oracle Shares Are Up 8% In Pre-Trade In The US On News Of A Partnership With TikTok
Shares of one of the largest software companies, Oracle, is steadily rising in price in preliminary trading in the United States on Monday after reports of a possible partnership with ByteDance, which owns the TikTok application, according to auction data.
As of 12.43 GMT, Oracle shares were up 8.6%, to $57 apiece.
Earlier, Reuters reported that ByteDance on Sunday abandoned the sale of TikTok in the United States in favor of a partnership with Oracle. As part of the offer, Oracle will become a technology partner of ByteDance and take over the management of TikTok's us user data. At the same time, according to sources, Oracle is also in talks to get a stake in TikTok's US operations.
The news comes after US IT giant Microsoft announced ByteDance's refusal to sell its TikTok business in the US.
TikTok is an application for creating and viewing short videos, owned by the Chinese company ByteDance. Released in 2018, it has become a leader in the short video app segment in China and is gaining popularity around the world.