Prediction markets like Kalshi, once known for offering wagers on elections, are now in the multibillion-dollar sports betting business and outside the reach of state regulations and taxes.
President Trump said he would meet with President Xi Jinping next month in South Korea. Mr. Xi said he welcomes a TikTok deal that would benefit both sides.
As President Trump extended for a fourth time a deadline to determine TikTok’s future in the United States, details of an agreement to address concerns about the app began to emerge.
Earlier efforts to find a new, non-Chinese owner for the popular video app fell apart. A federal law that cites national security issues requires TikTok owner ByteDance to sell it or face a ban.
Trump administration officials say they have the framework of a deal to save the popular video app. It had until Sept. 17 to be sold by its Chinese owner, ByteDance, or face a ban in the United States.
The short-form video app has until mid-September to change its ownership structure or face a ban in the United States, after a number of deadline extensions from President Trump.