Shares of Oracle Corporation surged ahead by as much as 3.54% to quote $319.81 per share (as of the time of updating this story). The surge was made within 30 minutes of a favorable announcement related to TikTok and America's trade deal.
On Monday, fresh reports confirmed that Oracle Corporation would be maintaining the database and getting the first dibs to TikTok's algorithm.
The White House and US President Donald Trump have maintained that access to TikTok's secret code had been a key part of a deal with China.
Last week China too had announced that a favorable framework had been reached with regards to TikTok, however neither parties revealed any of the details.
Previously, there were murmurs that TikTok's US operations would be sold to one or multiple American enterprises. There were theories that this could catapult Oracle's valuation to the next level.
This is around the same time when US Investor and Oracle Founder Larry Ellison's valuation witnessed a surge after shares of Oracle Corporation hit a sweet spot amid positive outlook on cloud services.
