The law never required that they shut down, so in a tautological sense they are.
However, with regards to the absurd justification. The president (still Biden) hasn't granted any extensions, nor is the president even able to grant an extension without
> certif[ing] to Congress that-
> "(A) a path to executing a qualified divestiture has been identified with respect to such application;
> "(B) evidence of significant progress toward executing such qualified divestiture has been produced with respect to such application; and
> "(C) there are in place the relevant binding legal agreements to enable execution of such qualified divestiture during the period of such extension.
There is no evidence that Trump will be able to lawfully do any of those, and he has to do all, after he becomes president again.
ByteDance has been rather vocal that they aren't interested in divesting like that. He could be, there is no evidence he will be, and it's not something he can cause to happen.
However, with regards to the absurd justification. The president (still Biden) hasn't granted any extensions, nor is the president even able to grant an extension without
> certif[ing] to Congress that-
> "(A) a path to executing a qualified divestiture has been identified with respect to such application;
> "(B) evidence of significant progress toward executing such qualified divestiture has been produced with respect to such application; and
> "(C) there are in place the relevant binding legal agreements to enable execution of such qualified divestiture during the period of such extension.
There is no evidence that Trump will be able to lawfully do any of those, and he has to do all, after he becomes president again.