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Donald Trump has said that he “approves a concept agreement” that will allow TikTok to continue operating in the United States, after threatening to ban the Chinese-owned app.
The president told reporters at the White House that he was giving “my blessing” to the Oracle deal and that US national security concerns had been addressed.
About 100 million Americans use TikTok, and US officials have raised concerns about China’s potential for accessing user data.
“I have given my blessing to the deal,” the US president told reporters. “If they do, it’s great, if not, that’s fine too.”
“Security will be 100%,” Trump added. “Conceptually it is a big business for the United States.
Reuters reported Thursday that the new company, called TikTok Global, will have a majority of US directors, a US chief executive and a security expert on the board.
Oracle eventually agreed to own a 20% stake in the company, according to a source. If Walmart also successfully negotiates the acquisition of a stake, its chief executive, Doug McMillon, would get a seat on the TikTok Global board, the source said.
Trump said the new TikTok company would be “fully controlled by Oracle and Walmart” and would be based in Texas.
The company reportedly agreed to make a $ 5 billion donation to an educational fund in the state.
“They are going to establish a very large fund,” Trump said. “That is the contribution I have been asking for.”
