President Donald Trump told reporters he approved a deal in concept between Oracle and TikTok's parent company ByteDance in which Oracle and Walmart would partner with the app in the U.S. The move could avert the ban in U.S. app stores that was set to go into effect on Sunday.
"I have given the deal my blessing," Trump said to reporters at the White House Saturday. "If they get it done, that's great. If they don't, that's okay, too."
It is unclear whether ByteDance will remain a majority owner of TikTok.
"It will have nothing to do with China. It'll be totally secure; that'll be part of the deal," Trump said. "All of the control is Walmart and Oracle, two great American companies."
But Trump said the company, now seated in Culver City, will likely be headquartered in Texas and bring 25,000 jobs.
He added that TikTok has agreed to donate $5 billion to an education fund, which Trump said would satisfy his demand that the government receive a payment from the deal.
"They're going to be setting up a very large fund," Trump told reporters. "That's their contribution that I've been asking for."
Various outlets with reporters at the White House reported on Trump's sign off. It came after the president signed an executive order in August that called the viral social video app owned by Chinese internet company ByteDance a national security threat. It also called on the Beijing based parent company to sell TikTok to a U.S. firm or face a ban.
The administration accuses TikTok of sharing user data with the Chinese Communist government. TikTok denies the charges.
This week, the New York Times reported that TikTok is hunting for a new CEO and that Instagram co-founder Kevin Systrom is being considered for the position.
- Trump and Microsoft Are Looking at TikTok - dot.LA ›
- How Trump's Order Could Impact The Fates of Snap, TikTok and ... ›
- TikTok Threatens Legal Action Over Trumps Executive Order - dot.LA ›
- TikTok Employee Patrick Ryan Sues Trump for Defamation - dot.LA ›
- TikTok Employee Asks Judge to Halt Ban on Popular Video App ... ›
- DOJ: TikTok Employees Will Get Paid Despite Trump's Order - dot.LA ›
- TikTok's Sale to Walmart Is Reportedly Off, For Now - dot.LA ›