Oracle shares gained ground Monday, currently up over 4%, after US President Donald Trump signaled progress toward a long-awaited deal to secure TikTok’s future in the United States.
The president suggested on his Truth Social account that negotiations with Beijing had yielded a breakthrough. “A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save. They will be very happy!” Trump wrote, adding he would speak with Chinese President Xi Jinping on Friday.
The comments followed remarks from U.S. Treasury Secretary Scott Bessent, who said in Madrid that an agreement in principle had been reached during ongoing trade talks.
“Without [Trump’s] leadership and the leverage he provides, we would not have been able to include the deal today,” Bessent said, noting that the framework aimed to balance fairness for China with U.S. national security safeguards.
The Chinese-owned video-sharing app has faced years of uncertainty in Washington. A bipartisan law signed during President Joe Biden’s administration required TikTok’s parent company to divest its U.S. operations or face a nationwide ban.
While the app briefly went offline in January, Trump used executive authority to delay enforcement and has repeatedly extended the deadline, most recently to September 17.
Oracle has been TikTok’s US cloud provider since 2022.
Source :
https://www.investing.com/news/stock-market-news/oracle-stock-climbs-after-trump-hints-at-a-tiktok-deal-4239015
