President Trump approves deal to keep TikTok app running

"I have given the deal my blessing. I approve the deal in concept," Trump said.

NEW YORK, N.Y. (KYMA, KECY) - President Donald Trump has given his "blessing" for TikTok to partner with Oracle and Walmart to form a U.S. company.

Trump told reporters on Saturday that the combined company is a great deal for the U.S.

Trump previously targeted the Chinese-owned TikTok for national security and data privacy concerns.

[Related: The U.S. bans TikTok and WeChat downloads on Sunday]

The new company will continue to go by the name TikTok, and would be headquartered in Texas and employ at least 25,000 people.

"I have given the deal my blessing, if they get it done that's great, if they don't that's OK too," Trump said. "We'll see whether or not it all happens but conceptually I think it's a great deal for America."

The new U.S.-based version of TikTok would use "a lot of very, very powerful security. It will have nothing to do with any outside land and the outside country. It will have nothing to do with China," Trump added.

Trump has made it clear that the deal would ensure the data of the estimated 100 million Americans who use the app.