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President Trump says he approved TikTok deal with Walmart, Oracle in 'concept'

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But we’ll see whether or not it all happens."When asked by a reporter if he approved the deal, Trump said, "I approve the deal in concept, yes."Trump said ByteDance, the China-based parent company of TikTok, would "report the full scope of the deal very soon, very soon."The news of an apparent deal comes a day after the U.S. Department of Commerce announced that starting Sunday, downloads of the massively popular video app, as well as the messaging app WeChat, would be banned in the United States.The department had said in a statement that the move was necessary to "safeguard the national security of the United States."In a statement, TikTok said it was "pleased" its proposal with Walmart and Oracle "will resolve the security concerns of the U.S. Administration."As part of the proposal, Oracle will host all U.S. user data, TikTok said, and both Oracle and Walmart will be able to take up to a 20% cumulative stake in the company through a TikTok Global pre-IPO financing round."We will also maintain and expand TikTok Global's headquarters in the U.S., while bringing 25,000 jobs across the country," the company said.Trump did not mention WeChat in his conversation with reporters on Saturday.In August, Trump issued twin executive orders that would shut down both apps by Sept.

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