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9/14/2020, 4:50 PM (Source: TeleTrader)
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Oracle confirms deal with TikTok-owner ByteDance

Oracle confirmed on Monday that it reached an agreement with TikTok-owner ByteDance to serve as its "trusted technology provider" in the United States.

The move comes after the US threatened to ban the Chinese app over security concerns unless it is sold to an American company this month. Earlier, US Treasury Secretary Steven Mnuchin stressed that the US government will review the ByteDance-Oracle deal and noted Washington will push Oracle to guarantee that the TikTok code is secure and that American data and phones will be safe.

Oracle noted in a statement that it "has a 40-year track record providing secure, highly performant technology solutions." The company's shares were up 6.37% to $60.61 at 10.32 am ET.

Breaking the News / NP