Oracle announces CEO shake-up as company named in TikTok deal
Oracle announces CEO shake-up as company named in TikTok deal Yahoo Finance . Oracle stock rises as White House names software giant in TikTok deal; company announces CEO shakeup Oracle ( ORCL ) stock rose 3% Monday as the White House confirmed that the software giant is part of a consortium of investors that will control TikTok's US operations. The company also separately announced a CEO shakeup. On Monday morning, a senior White House official confirmed the details of the TikTok deal to reporters, including most notably that the deal will move TikTok US operations into a new joint venture based in the United States, with American investors in control with a majority of the ownership stake and of the board. Oracle and Venture Private Equity firm Silver Lake are set to lead the new venture with China-based ByteDance holding less than 20% of the equity in final venture. The deal also includes a plan to "copy" the valuable TikTok recommendation algorithm and then...
