By Shreya Biswas
Copyright indiatimes
ReutersOracle stock today
Oracle buying TikTok: Shares of Oracle jumped more than 3% on Tuesday morning, following reports that the company may be nearing a deal to acquire TikTok, as per a report. The boost came as US and Chinese officials reached a preliminary agreement on the app’s future during trade talks in Madrid, a key development in the years-long tug-of-war over the popular social media platform.US and China Reach Preliminary Deal on TikTok in Madrid TalksOn Monday, Treasury Secretary Scott Bessent confirmed that the two countries had agreed on a framework for a deal. US president Donald Trump and Chinese president Xi Jinping are expected to speak later this week to finalize the details, with TikTok reportedly a central topic, as per a Yahoo News report.ALSO READ: TikTok ban canceled? US-China reach framework deal, Trump and Xi to discuss on FridayOracle Emerges as Frontrunner to Acquire TikTok US OperationsThough no US buyer has been officially named, Oracle has long been viewed as a leading contender to acquire TikTok’s American operations, according to the Yahoo News report. The company already stores US user data on its servers under a partnership called Project Texas, which was established by TikTok in 2022 to address national security concerns.Oracle Stock Jumps After Trump Teases TikTok Deal on Truth SocialThe stock market responded quickly. Oracle shares spiked as much as 5% in premarket trading Monday after Trump teased progress on a potential deal in a post on his social media site Truth Social, as per the Yahoo News report.Live EventsTrump said, “The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL!” adding, “A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save,” as quoted in the report.That ‘certain’ company is reportedly believed to be TikTok, which faces a looming deadline to divest from its Chinese parent company ByteDance by September 17 or face a ban in the US, as per Yahoo News. However, Trump has said the deadline could be extended again, as per the report.Earlier this year, Politico reported that in March the White House was considering a proposed deal from Oracle to run TikTok, but that deal could still allow ByteDance to retain some control over the app.ALSO READ: New sustainable energy source? Scientists reveal ice generates electricity and salt supercharges itOracle’s AI Push Strengthens Its Position in WashingtonOracle’s potential acquisition of TikTok adds to its growing influence in both Washington and Silicon Valley. The company has been actively involved in US efforts to lead in artificial intelligence, partnering with OpenAI and other major players on large-scale AI infrastructure initiatives, according to Yahoo News. In January, Oracle chair Larry Ellison appeared alongside OpenAI CEO Sam Altman, SoftBank’s Masayoshi Son, and Trump to unveil a $500 billion initiative called Stargate, aimed at building out US-based AI data centers, as per the report.Meanwhile, Oracle is riding a wave of investor optimism. Last week, the company projected its cloud revenue would reach $144 billion by 2030, driven by a $300 billion deal with OpenAI, according to Yahoo News. The stock has climbed 81% so far this year.TikTok Bidders: Who Else Is Interested?However, other bidders may still be in the line, including Microsoft, a group led by billionaire Frank McCourt Jr., Perplexity AI, and even YouTuber MrBeast have all reportedly expressed interest in buying TikTok.FAQsIs Oracle definitely buying TikTok?Not yet, but Oracle is the front-runner, and talks are would be completed on Friday.Why is TikTok being forced to sell?The US government worries about data security because TikTok’s parent company is Chinese.Add as a Reliable and Trusted News Source Add Now!
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