Trump extends TikTok deal deadline to December 16, Bloomberg reports

President Donald Trump has signed an executive order to extend the deadline for TikTok’s Chinese parent ByteDance to divest the platform’s U.S. operations until December 16, the fourth extension he’s issued since a national security law that requires ByteDance to sell off TikTok’s US business took effect in January, Bloomberg’s Alexandra S. Levine and Hadriana Lowenkron report. Trump told reporters he had “a deal on TikTok” with the Chinese, and Treasury Secretary Scott Bessent said the deal was similar to the commercial terms negotiated earlier in the year. The deal will allow TikTok’s U.S. operations to be controlled by a group including Oracle (ORCL), Silver Lake, and Andreessen Horowitz, with Oracle keeping the TikTok cloud contract. Publicly traded companies in the space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).