Oracle Corp. (ORCL) confirmed Monday that its name was submitted by TikTok parent ByteDance to serve as the "trusted technology provider" for TikTok, in a proposal given to the Treasury Department. Oracle's statement, which was issued in a two-sentence press release, came after Treasury Secretary Steven Mnuchin said that the Trump Administration would review the proposal this week. The Wall Street Journal reported over the weekend that Oracle had beaten out Microsoft Corp. (MSFT) for TikTok's U.S. operations but that the deal was "likely not to be structured as an outright sale." The Trump Administration has threatened to shut down access to TikTok in the U.S., citing national security concerns, if the U.S. portion of the business isn't sold to a domestic player. The deadline for that sale is Sept. 20. Oracle shares were halted earlier in the session but were up 4.3% in the first few minutes of Monday morning trading before the halt. The stock has rallied 15% over the past three months as the S&P 500 has risen 12%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 14, 2020 10:23 ET (14:23 GMT)
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