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.

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

The US and China are edging toward a deal to resolve the future of TikTok in the US, with Oracle Corp. cast in a starring role. Under a US law passed last year, TikTok’s Beijing-based parent company ByteDance Ltd.

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 said a deal is expected to be signed with China “in the coming days,” as multiple Trump-supporting billionaires—Larry Ellison, Marc Andreessen, Lachlan Murdoch—may be involved.

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,

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 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,

The Act referenced in the EO is the 2024 Protecting Americans from Foreign Adversary Controlled Applications Act, which was specifically made to apply to TikTok owner ByteDance Ltd. The Act said such an application must be divested or banned if it constitutes a national security threat.