Oracle Corporation (ORCL. US) rose in pre-market trading amid news that it is reportedly participating in a consortium to maintain TikTok's operations in the United States.

According to media reports, Oracle Corporation (ORCL.US) is reportedly participating in a consortium trying to maintain TikTok's operations in the United States under a possible framework agreement between China and the US. The report cited sources familiar with the matter as saying that the specific structure of the deal is still unclear, but it may involve a consortium of multiple companies, and the future involvement of TikTok's owner ByteDance is also uncertain. As of the writing of this report, Oracle Corporation's pre-market stock price on Tuesday rose nearly 5%. It was reported on Monday that the Trump administration is expected to once again extend the deadline for ByteDance to divest its TikTok US business. Previously, the US government had demanded ByteDance to complete the divestment by September 17th this year, or else it would ban its operations in the US. If the leaks are true, this would be the fourth time Trump has given TikTok an "extension". Last month, Trump had mentioned that he had found a potential American buyer for the app and may further extend the deadline. According to the initial provisions of the US "sell or ban" law, ByteDance must sell TikTok's US business by January 19, 2025, but Trump has already extended the deadline three times. The last time was on June 19th, when Trump signed his third executive order, extending the deadline by 90 days to September 17th.