U.S. President Donald Trump said he and Chinese President Xi Jinping made progress on a TikTok deal and agreed to meet in South Korea in just over a month.
TikTok rivals Facebook, Instagram parent Meta Platforms (NASDAQ:META) and Snapchat owner Snap (NYSE:SNAP) all traded lower on Friday.
The two leaders lowered tensions during their first call in three months, though they failed to reach a consensus on TikTok's future.
Trump confirmed on Truth Social that they will hold talks on the sidelines of the Asia-Pacific Economic Cooperation forum starting October 31 in Gyeongju, with a potential follow-up trip to China. Trump said the call produced progress on trade, fentanyl, the war in Ukraine, and TikTok, and confirmed he and Xi would continue talks by phone and meet at the APEC summit.
Trump extended TikTok's U.S. divestment deadline to December 16, allowing the app to continue operating while negotiations with China move forward.
The U.S. government, however, continues to insist that ByteDance must fully divest TikTok's U.S. operations and separate its algorithms to address national security concerns.
ByteDance, meanwhile, has strengthened its financial position through a $330 billion employee share buyback program and rising revenue.
Price Action: META stock is down 0.88% at $773.37 at the last check on Friday. SNAP is down 3.20%.
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