By CBSLA Staff

CULVER CITY (CBSLA) — President Donald Trump said on Saturday that he has approved a proposal that would temporarily stop TikTok from being banned in the U.S.

The deal would put part of TikTok shares in Oracle and Walmart, as confirmed by the social media platform in a statement.

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“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle questions around TikTok’s future in the U.S.,” TikTok said in a statement.

Trump said the new company, expected to based in Texas, will bring at least 25,000 jobs and make a $5 billion contribution to an education fund dedicated to education for Americans.

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Trump had argued that the Chinese-based platform, which has its American headquarters in Culver City, could cause privacy concerns to U.S. citizens.

TikTok has rejected claims of not securing user data and sharing American information with the Chinese government, saying that it is “building the safest app because we know its the right thing to do.”

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(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)