Why Did Oracle Stock Drop After Today's TikTok News?
Even owning TikTok may not be enough to save Oracle stock.
Overview
Oracle (NYSE: ORCL) shareholders got some good news today: The Trump Administration has lifted its ban on the TikTok app on federal government-owned electronic devices and removed the threat of a complete ban in the United States.
Following a Justice Department opinion last month that deemed a U.S.-owned TikTok no longer a worrisome "covered application," suspected of abuse by Chinese cyber-spies, the White House Office of Management and Budget today canceled a 2023 directive banning the app from government devices.
Details
Then Oracle stock dropped 4.1% (through 1:40 p.m. ET).
Source
Originally published at www.fool.com.
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