Oracle shares soar after announces that it will become TikTok’s U.S. technology partner

Oracle’s shares jumped 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 the 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.

Oracle’s stock jumped 10 percent in Monday’s premarket.