Oracle Corp. shares rose over 4% on Friday after TikTok and its parent company, ByteDance Ltd., signed an agreement to sell TikTok's US operations to a consortium of American investors.
Under the deal, Oracle, Silver Lake Technology Management, and Abu Dhabi-based MGX will jointly hold a 45% stake in the US business, while ByteDance will retain nearly 20%.
Oracle shares gained 4.19% in the premarket hours to trade at $187.57 at 7:47 am ET, as investors welcomed the resolution of years-long regulatory pressure over TikTok's US presence.
https://breakingthenews.net/Article/Oracle-up-4-in-premarket-on-TikTok-deal/65383808
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