03:38 PM EDT, 09/16/2025 (MT Newswires) -- President Donald Trump signed an executive order Tuesday extending a deadline for TikTok's Chinese parent ByteDance to divest the platform's US operations to Dec. 16.

Treasury Secretary Scott Bessent said in an interview that Trump is expected to speak to Chinese President Xi Jinping about the plan for the video sharing app, adding that a potential deal for TikTok will have commercial terms similar to ones negotiated since March or April, CNBC reported.

CNBC also said Tuesday that Oracle (ORCL) is poised to keep TikTok's cloud contract under the current discussions, which could close in the next 30 to 45 days

Trump's latest executive order is the fourth such extension he has issued for TikTok since a national security law requiring ByteDance to sell TikTok's US operations took effect in January, according to Bloomberg.

Oracle did not immediately respond to MT Newswires' request for comment.

Shares were up 1.3% in recent afternoon trading.

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