The White House says they will kick the TikTok can down the road- again (the deadline has now been extended 4 times). The deadline to sell has now been extended to December 18th.
The most recent “can kicking” was to expire tomorrow. Nevertheless, the framework for a deal is apparently known. The details are not known.
Oracle is seen as the frontrunner to acquire TikTok, with investors betting the deal could diversify revenue beyond its AI business. It was hoped that final details would be made between Trump and Xi when they speak on Friday. We will see if this announcement means the framework has fallen apart.
Shares of Oracle are still up $3.20 at $305.25 but that is well off the intraday high at $319.97
This article was written by Greg Michalowski at investinglive.com.