Trump extends TikTok deadline as Oracle, other investors work on deal

In a significant development, President Donald Trump has once again postponed the deadline for ByteDance to sell off TikTok's American operations or face a potential ban. This decision follows an announcement from a cabinet official indicating that a 'framework deal' is in the works. Reports from The Wall Street Journal reveal that under this proposed agreement, nearly 80% of TikTok's U.S. business would be controlled by a consortium of investors, including Oracle, Silver Lake, and Andreessen Horowitz. As part of this restructuring, current users in the U.S. would be required to transition to a new app. This marks the fourth extension of the deadline by Trump. The latest executive order prevents the Department of Justice from enforcing a national security law that would have led to TikTok being banned in the U.S. starting December 16. Under this legislation, tech giants like Apple and Google, along with internet service providers, would face penalties for continuing to support TikTok's U.S. operations. Discussions between Trump and Chinese President Xi Jinping regarding the TikTok deal are anticipated to take place soon. Treasury Secretary Scott Bessent revealed that the deal, expected to be finalized within the next 30 to 45 days, includes both new and existing investors and will allow Oracle to uphold its cloud computing partnership with TikTok. During a segment on CNBC's Squawk Box, Bessent indicated that Trump's readiness to let TikTok 'go dark' played a crucial role in persuading China to come to the negotiating table. He noted that the foundational commercial terms of the deal had been largely settled since earlier this year, although progress stalled due to Trump's stringent trade policies. Bessent emphasized that the agreements reached primarily concerned actions that would not jeopardize national security. As of now, TikTok has yet to respond to requests for comments on the evolving situation.