The deal, which will keep the video-sharing app TikTok available in the US, was approved by the Trump administration after it threatened to ban it over security concerns.
ADVERTISEMENTPresident Donald Trump says he's given his "blessing" to a proposed deal that will allow the popular video-sharing app TikTok to continue operating in the US.
Trump had previously wanted the app banned over US security officials' fears that data harvested from users would be handed over the Chinese state.
Two US companies, Oracle and Walmart, have agreed to partner TikTok to run the app in a deal that Trump says will keep the data of American users safe.
"Conceptually, I think it's a great deal for America. They'll be hiring at least 25,000 people. It will most likely be incorporated in Texas. Billions of dollars of taxes will be paid every year and hundreds of millions of users and they'll be happy. So everybody will be happy. It's a severance. It'll continue to be named TikTok, as it was all along and that's it, that's it."
Specialising in short, usually light-hearted videos, TikTok has become highly popular with people across the world, mostly teenagers and young adults.
In the US alone, the app has over 100m active users, and 50m of them use it on a daily basis.
The deal still has to be signed off by the Chinese government, but TikTok's interim chief executive posted a video on Saturday saying the app was "here to stay" in the US.
TikTok's owner, ByteDance, has always denied accusations that it shares data with the ruling Communist Party in China.