But TikTok, owned by China-based ByteDance Ltd., and Oracle have spent several years and billions of dollars working together to safeguard TikTok US data as part of a partnership known as “Project Texas” — an arrangement that looks strikingly similar to the one laid out by Trump this week.

TikTok's U.S. business will have 45% of control in the hands of a group of investors that includes Oracle, Silver Lake and Abu Dhabi's MGX.

Abu Dhabi’s royal family and U.S. investors including Oracle, Silver Lake, Dell, and Fox are set to take majority control of TikTok’s $14B American arm.

Oracle Corporation (NYSE:ORCL) is one of the AI Stocks in the Spotlight This Week. On September 24, Citizens JMP analyst Patrick Walravens reiterated a Market Outperform rating and $342.00 price

Under the current terms of the proposal, the new US joint venture would receive a licensed copy of the recommendation algorithm that keeps TikTok users endlessly scrolling through clips on their smartphones.

President Donald Trump also namedropped Texas tech titan Michael Dell as a possible member of a group involved in the deal. Oracle Chairman Larry Ellison is part of the group.

Oracle stock rose over 6% 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.

The social media platform TikTok will soon be U.S.-based in a reported preliminary deal to keep the popular app operating for American users.

The White House has answered what had been one of the major outstanding questions regarding its pending deal to transfer TikTok’s US operations to a majority American ownership group: Under the agreement,

President Donald Trump this week will declare that a deal to divest TikTok's U.S. operations from its Chinese owner ByteDance will meet requirements set out in a 2024 law, a White House official said on Monday,

The U.S. government will collect a multibillion-dollar fee from the American investors who will take over TikTok. Some experts call the fee and other deals like it "extortion."