President Donald Trump extended the deadline for a TikTok deal on Tuesday for another 90 days, until December 16, according to an Executive Order. It is the fourth extension after Congress passed a law last year that requires TikTok to separate from its parent company, Beijing-based ByteDance, or face a permanent ban in the U.S.

Earlier on Tuesday, Trump said he had “a deal on TikTok” in the works. On Monday, Treasury Secretary Scott Bessent announced that the “framework” for a TikTok deal had finally been reached with China. Trump said in a post on Truth Social that he would be meeting with China’s leader, Xi Jinping, on Friday to finalize the deal.

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“A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday,” Trump wrote Monday.

Now, CNBC’s David Faber is reporting that the deal includes new and existing investors. Oracle, which has been TikTok’s U.S. cloud provider since 2022, will keep its agreement with the company, sources told Faber. CBS reports that the private equity firm, Silver Lake, is also involved.

Other potential investors include the team of Kevin O’Leary, billionaire former Dodgers owner Frank McCourt, and Reddit co-founder Alexis Ohanian for “The People’s Bid.” AI startup Perplexity, Amazon, and Applovin all submitted separate bids as well.

Faber said on CNBC’s “Squawk on the Street” on Tuesday: “I’m hearing it’s actually going to be relatively small in terms of the actual size of the checks that are written for the entity itself.”

Reuters reports that the deal keeps TikTok operating with controlled ownership in the U.S., though ByteDance will keep “single largest ownership stake” at 19.9%.

More information about the deal is expected to be released on Friday after Trump meets with Xi Jinping. Although Trump extended the deadline for 90 days, a deal is expected much sooner, within 45 days, according to reports.

“We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects U.S. national security concerns, and that’s the deal we reached,” Bessent said from Madrid on Monday. “It’s between two private parties, but the commercial terms have been agreed upon.”

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