Trump says he signs off on TikTok deal, company likely to avoid U.S. shutdown
President approves of deal "in concept."
President Trump on Saturday told reporters he had preemptively approved of a proposed partnership between TikTok, Walmart and the software company Oracle, a move that will likely ensure that TikTok can avoid a shutdown in the U.S. market while ameliorating security concerns related to the popular app.
“I have given the deal my blessing; if they get it done that’s great, if they don’t that’s okay too,” Trump told reporters at the White House on Saturday. “I approved the deal in concept.”
The Trump administration has been pushing in recent months to address what it claims are national security concerns tied to TikTok's Chinese ownership. The program, which allows users to share short videos with each other via mobile devices, was set to be banned from U.S. app stores at midnight on Sunday.
The new partnership will ensure that TikTok in the U.S. will be "totally controlled by Oracle and Walmart," Trump said on Saturday, an arrangement that will likely assuage the Trump administration's national security concerns while permitting the company to maintain its U.S. presence.