(Bloomberg) -- Donald Trump approved Oracle Corp.’s bid for the U.S. operations of TikTok “in concept,” a deal forced by the president’s orders last month declaring the popular video-sharing app a national security threat.
“I have given the deal my blessing. If they get it done that’s great. If they don’t, that’s OK too, ” Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, N.C. “I approved the deal in concept.”
The new company, which will be called TikTok Global, has agreed to donate $5 billion to an education fund, which Trump said would satisfy his demand that the government receive a payment from the deal. “They’re going to be setting up a very large fund,” he said. “That’s their contribution that I’ve been asking for.”
Under terms of the deal, Oracle Corp. and Walmart Inc. will control 20% of the new TikTok Global, according to a person familiar with the matter. Sequoia Capital and General Atlantic, already investors in TikTok’s Chinese owner ByteDance Ltd., are also expected to take stakes in the new company, the person said.