(CNN Business) President Donald Trump said Saturday he has approved a deal between TikTok’s parent company, ByteDance, and Oracle (ORCL), temporarily averting a ban on TikTok in US app stores.
The Commerce Department confirmed in a statement Saturday evening that it would delay — by one week — restrictions that were originally to take effect on Sunday.
ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved, according to a person familiar with the matter.
Speaking to reporters, Trump said he approved the deal “in concept.”