Oracle (ORCL) shares rose no less than 5% on Tuesday when the US and China reached a provisional Tiktok deal during commercial interviews in Madrid.
Treasury Secretary Scott Bessent said on Monday during a press conference that the two countries agreed a framework for a deal. Trump and Chinese President Xi Jinping will speak on Friday to “complete” the agreement.
Although an American buyer of Tiktok has not been mentioned, Oracle has emerged as a top candidate to acquire the social media app. CBS News reported on Tuesday that Oracle will be a consortium of companies that are part of the provisional US-China deal to enable TIKTOK to continue.
In the meantime, CNBC reported that the agreement of the two countries would enable Oracle to continue its current cloud agreement with Tiktok. Oracle's servers are used to store the American user data of Tiktok, part of an initiative called Project Texas, launched by Tiktok around 2022.
Shares in the technology company had no less than 5% on the market on Monday when Trump initially hinted on a Tiktok deal on social media.
“The large trade meeting in Europe between the United States of America and China went very well!” Trump wrote in a message about Truth Social. “A deal was also reached in a 'particular' company that really wanted to save young people in our country.”
Read more about the stock movements of Oracle and the current market promotion
Tiktok is confronted with an American ban, unless it will resolve its property against an American or American country by September 17, although Trump has said that he can renew the deadline again.
Polico reported in March that the White House is considering a deal of software giant Oracle to perform TIKTOK, but according to the information, that deal could leave some control over the app through the information.
Oracle did not respond to Yahoo Finance's request to comment on Monday.
Oracle has worked closely with the Trump administration on its push to develop AI in the US. The chairman of the technology company, Larry Ellison, joined the Sam Altman, CEO of OpenAi (Opai.PVT), Softbank Group (SFTBY) CEO Masayoshi Son, and Trump in January on the Oval Office to build an initiative of $ 500 billion at the Vargeers, named Named, named to the Vargate, named to the Vargate, named to the Vargate. is confronted with delays.
Although Oracle has emerged as a leading competition to acquire TIKTOK, other lovers have also shown interest in buying the social media company, from a group of investors led by billionaire Frank McCourt Jr., Microsoft (MSFT), YouTuber Mr. Beast and Perplexity AI.
Oracle Stock has risen by 81% for the year. The shares of the technology company rose last week after the company had projected that its cloud income would rise to $ 144 billion in 2030 tax year – probably driven by a $ 300 billion deal with OpenAi – where Wall Street encouraged the results.
