President Trump gave ‘nod’ to Oracle to buy the Chinese social media app’s business in North America, Australia and New Zealand. Are you wondering why? data!
Tuesday, in his speach at Yuma, AZ, President Trump voiced support for Oracle Corp.(NASDAQ:ORCL) to buy the US operations of TikTok, adding a new player to the bidding for the Chinese-owned video-sharing app.
Oracle is a new entrant in the negotiations for TikTok, whose owner ByteDance Ltd. is facing a Fall deadline from The Trump Administration to divest itself of its US operations.
Oracle, the giant in business software, has had preliminary discussions about teaming with some of ByteDance’s existing minority investors to buy TikTok’s US operations.
Microsoft Corp. (NASDAQ:MSFT) said earlier this month it is in negotiations with ByteDance, and that it was coordinating with the White House.
Twitter Inc. (NYSE:TWTR) is also exploring a bid.
Oracle has close ties to the White House. Larry Ellison, the company’s co-founder, Chairman and largest shareholder, earlier this year threw a fundraiser at his home for President Trump. CEO Safra Catz also worked on the executive committee for The Trump Transition Team in Y 2016.
Oracle is trading just shy of its 52 wk highs and is oversold in here.
Have a healthy day, Keep the Faith!