President Donald Trump has approved a deal between TikTok’s parent company, ByteDance, and Oracle temporarily averting a ban on TikTok in US app stores, he said on Saturday.
The Commerce Department confirmed in a statement Saturday evening that it would delay the restrictions that were originally to take effect on Sunday by one week.
ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved.
Speaking to reporters, Trump said he approved the deal “in concept.”
“I have given the deal my blessing,” Trump said. “If they get it done, that’s great. If they don’t, that’s okay, too.”
The deal will also include Walmart, Trump said, adding that “the security will be 100 percent. They’ll be using separate clouds and very, very powerful security.”
Trump said the deal will also include a $5 billion fund for US education, though he did not say which companies would be making the payment.
The deal actually contradicts Trump’s claim that TikTok would be “totally controlled” by Walmart and Oracle, who will have 20% share in TikTok.