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Trump says he approves

September 19, 2020. Summarized by summa-bot.

CULVER CITY, CALIFORNIA - AUGUST 27: The TikTok logo is displayed outside a TikTok office on August 27, 2020 in Culver City, California. The Chinese-owned company is reportedly set to announce the sale of U.S. operations of its popular social media app in the coming weeks following threats of a shutdown by the Trump administration. (Photo by Mario Tama/Getty Images)

President Donald Trump said Saturday he has approved a deal between TikTok's parent company, ByteDance, and Oracle, though it is unclear whether it will be enough to avert restrictions on TikTok that are scheduled to go into effect Sunday evening.

(CNN)President Donald Trump said Saturday he has approved a deal between TikTok's parent company, ByteDance, and Oracle (ORCL), though it is unclear whether it will be enough to avert restrictions on TikTok that are scheduled to go into effect Sunday evening.

Speaking to reporters, Trump said he approved the deal "in concept. "

"I have given the deal my blessing," he said.

The deal will also include Wal-Mart (WMT), Trump said.

Trump claimed TikTok would be "totally controlled" by Oracle and Wal-Mart.

Trump added the deal will include a $5 billion fund for US education, though he did not say which companies would be making the payment.

Trump also said the deal will result in 25,000 jobs, and that TikTok would be headquartered in Texas.

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