Shares of Blackstone Group LP (BX) tumbled 5.20% in after-hours trading on Wednesday, as investors reacted to uncertainties surrounding the potential TikTok deal in which the private equity giant is reportedly involved.

The sharp decline comes amid reports that President Donald Trump is expected to meet with aides about an investment deal that could keep the Chinese-controlled social media platform running in the U.S. Blackstone is among the possible U.S. investors in TikTok, competing with other major players such as Oracle Corp. and Amazon.com Inc.

The situation is complicated by the approaching deadline for TikTok's U.S. operations. A 75-day reprieve from enforcing a bipartisan law aimed at banning TikTok nationwide is set to expire on Saturday. Analysts expect an extension of this deadline to allow more time for finalizing a deal structure, but the uncertainty appears to be weighing on Blackstone's stock.

Investors may be concerned about the potential risks and complexities associated with the TikTok deal, including regulatory hurdles and geopolitical tensions between the U.S. and China. The outcome of this high-profile transaction could have significant implications for Blackstone's investment strategy and future profitability, which may explain the negative sentiment reflected in the stock's after-hours movement.