President Trump says he’s approved Oracle’s (NYSE:ORCL) deal for TikTok’s U.S. operations “in concept.”

Departing the White House for a campaign rally, he told reporters “I have given the deal my blessing.” That comes ahead of an apparent ban on downloads of the app set for Sunday that Commerce Sec. Wilbur Ross threatened yesterday.

TikTok U.S. will be under the total control of Oracle and Walmart (NYSE:WMT), Trump says. Previous reporting had each of the companies taking a minority stake in a global TikTok, with TikTok’s owner ByteDance (BDNCE) retaining majority control.

Trump says the new company, called TikTok Global, would be headquartered in Texas, hiring up to 25,000 people and contributing $5B toward U.S. education.

And Oracle and ByteDance reportedly plan an initial public offering of the global company within a year.

Even with Trump’s approval, the deal needs an OK from China’s government to move forward.


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