President Donald Trump said he gave the oracle its seal of approval “in concept” You are bidding on popular social media app TikTok for US operations, according to a report from Bloomberg.
According to the Bloomberg report, Trump said, “I gave my blessing to the deal,” as he left the White House on Saturday for a campaign rally in North Carolina.
“I approved the deal in the concept,” said Trump.
The spinout from TikTok’s Parent company Bytedance’s U.S. operations were something the Trump administration requested on the grounds that the company̵
The president’s urge to sever bid ties with China also followed the alleged prank by TikTok users that turned an alleged triumph for the president in Oklahoma City into an embarrassment for the presidential campaign that cost Trump’s campaign manager Brad Parscale the job.
However, the US has tried to restrict the operation of several Chinese tech companies as they pose security threats to the US. The President’s order calling for TikTok to be spun off also called for the WeChat intelligence service to cease operations. The company is owned by Tencent – one of the largest technology companies in China. And the U.S. government has also targeted telecommunications and networking technology developer Huawei.
With the approval of the TikTok deal, a new company called TikTok Global is set to be launched as part of the deal earlier this week. This emerges from statements by Treasury Secretary Steven Mnuchin.
Bloomberg reported that Trump said the new company will be headquartered in Texas, hire up to 25,000 people, and contribute $ 5 billion to U.S. education.
Most of TikTok’s U.S. operations are now in Los Angeles.