Washington and Beijing have outlined a framework to resolve TikTok’s future in the US, with President Trump hinting at a breakthrough on Truth Social and Treasury Secretary Scott Bessent saying China wants to preserve “cultural” elements of the app.
TikTok faces a 17 Sept cutoff unless owner ByteDance sells a controlling stake or the White House grants another extension.
The app has survived previous deadlines amid shifting enforcement of a US law seeking a ban over national security concerns about data access and propaganda.
Oracle has emerged as the leading bidder, with its shares up more than 3% on the report. Under the original legislation, ByteDance would be limited to a 20% holding post-deal.
The platform briefly went offline during the change of administration in January before returning. Trump and China’s president, Xi Jinping, are due to meet on Friday in Europe, with trade talks and TikTok on the agenda.