Oracle jumps on report it’s involved in TikTok deal
Oracle is up nearly 5% this morning on a CBS report that it’s one of “multiple companies” involved in a deal to operate TikTok in the US. Oracle has long been considered a likely contender.
Whichever US entity ultimately takes over TikTok’s American operations will continue to use parent company ByteDance’s Chinese algorithm, the Financial Times reported earlier today. Concerns that Beijing could use the prized algorithm to manipulate US users and push propaganda was a key reason the government moved to ban the app in the first place, though much of the evidence remains classified.