Trump says TikTok deal reached, impacting social media stocks

Investing.com -- President Donald Trump announced Monday that a deal has been reached regarding TikTok, causing movement in several U.S. social media stocks.

Trump shared the news on Truth Social, stating: "The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. 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!"

Following the announcement, Snap Inc fell 1% and Meta dropped 0.5%, while Oracle Corporation rose 4%.

Treasury Secretary Bessent later confirmed to reporters that "commercial terms of TikTok deal have been agreed" and that there were "very good discussions on TikTok." Bessent added that trade talks with China will continue.

The development comes after previous reports indicated the U.S. government was prepared to allow a ban on TikTok if Chinese company ByteDance failed to reach a divestiture agreement.

According to Bessent, President Trump and Chinese President Xi are scheduled to speak Friday to complete the TikTok deal. The Treasury Secretary also mentioned that a "wide range of issues with China" were discussed during the trade meeting, including cooperation on money laundering.

Bessent also addressed the "poor timing" of an investigation into NVIDIA, though specific details about this discussion were not provided.

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