Oracle’s stock surged Monday after reports that China-based ByteDance has chosen it to be TikTok’s U.S. technology partner. A person familiar with the discussions told CNBC on Sunday that ByteDance picked Oracle to be the U.S. partner of the popular social video app. Oracle also will take a significant stake in the business, the person said. Earlier Sunday, Microsoft said ByteDance had chosen not to sell it TikTok’s U.S. assets. Shares of Oracle were halted shortly after opening for pending news.

Source: The Standard September 14, 2020 13:30 UTC