00:00It's Benzinga bringing Wall Street to Main Street.
00:02Oracle shares jumped about 7% Friday after the cloud company joined a group of investors
00:07set to lead TikTok's U.S. operations, according to CNBC. In a memo to employees Thursday,
00:13TikTok CEO Shouzi Chu said the U.S. business will be run by a joint venture that includes
00:18Oracle, Silver Lake, and Abu Dhabi-based MGX. The deal is expected to close on January 22nd.
00:25China has not publicly confirmed the investment deal,
00:27but Chinese state media reported it is expected to proceed,
00:31citing a pro-Beijing professor who said it complies with Chinese law and does not involve
00:36the sale of the algorithm. Oracle will audit compliance with national security terms
00:41and host sensitive U.S. data. Evercore ISI called the deal a nice win.
00:46For all things money, visit Benzinga.com.
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