Trump Trade: China to work with U.S. to resolve TikTok issue

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

TIKTOK: China’s Commerce Ministry says it will work with the U.S. to resolve issues related to TikTok, but has stopped short of saying it agreed to a deal touted by U.S. President Donald Trump, Bloomberg’s Mark Anderson reports. The deal Trump envisions would spin out TikTok’s U.S. business into a new venture owned mainly by American investors, with ByteDance’s stake shrunk to less than 20%, as required by a national security law.

TikTok is expected to sell its U.S. assets to a consortium of investors, likely to include Oracle (ORCL), Silver Lake Management and MGX, according to media reports. ByteDance, TikTok’s global parent, is expected to maintain a minority stake in the U.S. business. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).

GOLDEN DOME PROJECT: Elon Musk’s SpaceX is set to receive $2B under President Trump’s Golden Dome project, with the goal of developing satellites that can track missiles and aircraft, Drew FitzGerald and Micah Maidenberg of The Wall Street Journal reports, citing people familiar with the matter. Additionally, SpaceX is expected to also play a major role in two other Pentagon satellite networks, one related to relaying sensitive military communications and the other involving satellites capable of tracking ground vehicles, the sources added.

TRUMP CONNECTIONS: Pfizer (PFE) could use its connections within President Donald Trump’s administration to try to best Novo Nordisk’s (NVO) rival bid to acquire U.S. obesity biotech firm Metsera (MTSR), Reuters’ Michael Erman and Sabrina Valle report. Pfizer has four business days to make a counteroffer, the report notes.