TikTok has been accelerating its popularity at a robust pace as a report from Piper Sandler shows that the Chinese social media app has crossed Instagram as teen’s most popular social media app. TikTok is standing in second place while Instagram slipped to the third spot.
Snapchat is leading all the social media apps based on the Piper Sandler survey. The report says 34% of teens are listing Snapchat as their favorite app while 29% of teens support TikTok and 25% say Instagram is their favorite app.
TikTok’s engagement has been increasing quarter over quarter. Its current engagement level is standing around 69% compared to 62% in the spring.
China’s ByteDance, the parent company of TikTok, has sold its US TikTok operations to Oracle and Walmart after receiving several threats from the US Presidents. The President calls TikTok as a threat to US national security.
Oracle stock price soared sharply since it announced a 12% stake in the short video clips app. Oracle stock price currently trades around $60, down slightly from 52-weeks high of $62 a share.
The deal is very important to Oracle because it helps in improving the performance of its lagging cloud-computing business. It’s also a victory over Microsoft. Microsoft has tried hard to buy US operations but talks broke down due to Chinese restrictions.
Oracle has generated only a 2% revenue growth in the latest quarter. The company is engaged in selling cloud systems to businesses and database technology. Its cloud applications businesses continue to grow, thanks to new product introduction including Fusion ERP and NetSuite ERP.
“I think Oracle is a great company, and I think its owner is a tremendous guy,” Mr. Trump said last month. “He’s a tremendous person. I think that Oracle would be certainly somebody that could handle it.”