The project will entail a joint venture between Oracle, Open AI and Softbank with the promise of investing nearly $500 billion into artificial intelligence infrastructure over the next four years. Other partners also include Nvidia, Microsoft and ARM— companies that have all been paramount to the significant AI boom in recent years.
He previously floated a joint venture, saying that the US should be entitled to half of the app.
President Donald Trump said he would be open to billionaire supporter Elon Musk or Oracle Corp. Chairman Larry Ellison purchasing social video app TikTok as part of a joint venture with the US government.
President Trump has made it very clear who he considers to be the right potential buyer for TikTok’s US ownership rights.
The president said he’s also open to another tech giant to acquire TikTok: Larry Ellison, co-founder of Oracle. Ellison was present at the White House for a $500 billion AI infrastructure partnership between the Trump administration and OpenAI, Softbank and Oracle. Oracle, a software company, houses most of TikTok's servers
Larry Ellison unveiled plans for an AI-driven cancer vaccine system that could deliver personalized treatments within 48 hours.
The President said he would be open to the US billionaires purchasing social video app TikTok as part of a joint venture with the US government.
President Donald Trump said he is in favor of Elon Musk or Larry Ellison buying TikTok as he offered his latest thinking on what a deal might look like to save the US operations of the social media platform.
Catch up on the latest business headlines with Jane King, including a recall of space heaters and JetBlue accepting Venmo payments.
Larry Ellison, co-founder of Oracle Corporation, has an estimated net worth of approximately $200 billion, currently placing him among the third richest person in the world, according to Forbes.
Trump launched a $500 billion private-sector AI initiative called the Stargate Project while pardoning Silk Road founder Ross Ulbricht, sparking rallies in both tech stocks and AI-related cryptocurrencies.