What’s Going on with Oracle Stock Today?
Shares of Oracle Corporation (NASDAQ:ORCL) are trading higher Friday after reports confirmed the technology company will be one of TikTok’s new owners.
What To Know: TikTok’s fate in the United States has been uncertain due to U.S. President Donald Trump‘s threats of a ban. On Thursday, multiple reports said that Oracle and a group of investors have agreed to purchase the company.
The group of investors include private equity firm Silver Lake and United Arab Emirates state-backed investment firm MGX. Collectively, they and Oracle will control 45% of the new social media entity. Around a third of the new entity will be held by existing investors of ByteDance, TikTok’s parent app. ByteDance will also keep 20% of the stock.
Americans will comprise most of the board of directors, which will have seven members.
ORCL Price Action: Oracle shares were up 7.43%, trading at $193.50 at the time of publication, according to Benzinga Pro.
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