• Tue. Jan 26th, 2021

Dimancherouge

Technology

Oracle Hits Record High; Key Questions Remain in TikTok Deal

Oracle Corp  (ORCL) – Get Report shares hit a fresh record peak Monday, while Walmart  (WMT) – Get Report bumped higher, even as key questions over the nature of the pair’s multi-million investment in China based video sharing app TikTok continue to cloud the weekend deal.

Oracle and Walmart agreed to take a collective 20% stake in TikTok Global, a new company carved out of Beijing-based ByteDance that would include all operations outside of China. The company also added it was a ‘rumor’ that TikTok Global would be controlled by American investors, noting that its majority owners, its proprietary technology as well as the weight of its executive board, would remain China-based.

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