Oracle Shares Soar Following New CEO Appointments and Potential TikTok Deal
Oracle shares experienced a surge of over 4% following the announcement of significant leadership changes. The software giant has appointed Clay Magouyrk and Mike Sicilia as co-CEOs. Magouyrk, the current president of Oracle’s cloud infrastructure business, and Sicilia, the president of Oracle Industries, are set to replace Safra Catz, who will transition to the role of executive vice chair.
Further fueling investor optimism are reports suggesting that Oracle is among several firms that could facilitate TikTok in maintaining its U.S. operations. This is contingent on the finalization of a preliminary framework deal between the U.S. and China. An announcement regarding the potential agreement could be made during a call between President Trump and Chinese President Xi Jinping on Friday.
Oracle’s stock has already seen an impressive increase of approximately 81% this year. This growth has been primarily driven by the following factors:
- Strong cloud infrastructure growth
- Expansion of AI-related business
Source: CNBC