Oracle stock jumps as cloud provider joins investor group to run TikTok's U.S. business
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Oracle stock jumps as cloud provider joins investor group to run TikTok's U.S. business
Oracle’s stock jumped 7% Friday after the cloud provider joined a group of investors slated to lead TikTok’s U.S. operations. In a memo to employees Thursday, TikTok 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 ...
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TikTok signs deal to form new US unit with investors, including Oracle, Silver Lake
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Tick-tock, TikTok ⏰ The Associated Press reports that the TikTok sale saga is beginning to end, as parent company ByteDance has signed agreements with three major investors: Oracle, Silver Lake and Abu Dhabi-based investment firm MGX. Together, they will form a new TikTok U.S. joint venture, allowing the service to continue operating in the US. According to an internal memo seen by the AP, CEO Shou Zi Chew wrote to employees:
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