President Trump said he has agreed in concept to a deal under which Chinese-owned video-sharing app TikTok will partner with Oracle and Walmart to become a U.S.-based company, capping negotiations that have stirred debate over national security and the future of the internet.





“I have given the deal my blessing, if they get it done that’s OK too, if they don’t that’s fine too,” Mr. Trump told reporters at the White House on Saturday.





Under the terms of the deal, Walmart and Oracle would share a 20% stake in a new U.S.-based entity that will operate TikTok, with Oracle likely getting a somewhat larger piece between those two, according to a person familiar with the deal. The person said that under the deal, U.S. companies and investors would have a 53% ownership—satisfying U.S. demands for the new company to be under American control. Chinese investors would have a 36% stake, with other investors largely from Europe having 11%, this person said.





The president said the agreement will result in the creation of 25,000 jobs, mostly in Texas, adding that the new company will still be called TikTok and “will have nothing to do with China.”