Update 08/01/2020 5:39pm:

Previously, Trump announced he planned on signing an executive order to ban TikTok in America. Now, the general manager of TikTok, Vanessa Pappas has responded directed to the claim.

Via Instagram, Pappas said “I want to say thank you to the millions of Americans who use TikTok everyday bringing their creativity and joy into our daily lives. We've heard your outpouring support and we want to say thank you. We're not planning on going anywhere.

She also said “I also want to thank our 1,500 U.S. employees who work on this app every day and the additional 10,000 jobs that we're bringing into this country over the next three years." The announcement allegedly is in response to the users of TikTok who reportedly got tickets for his Tulsa rally in advance just to leave the seats empty.

Original 08/01/2020 1:17am:

According to reports, President Trump has announced plans to ban TikTok from the United States through an executive action that could happen as soon as Saturday. “As far as TikTok is concerned we’re banning them from the United States,” Trump said to reporters while on Air Force One. “Well, I have that authority. I can do it with an executive order or that,” he said. 

Trump's TikTok ban could also squash the potential Microsoft deal on the table for the software company to acquire the video platform. The Chinese company that owns TikTok, ByteDance, was in talks with tech giant prior to Trump's announcement. The president also made it clear that he isn't in favor of any U.S. corporation acquiring the video platform. “Not the deal that you have been hearing about, that they are going to buy and sell . . . and Microsoft and another one. We are not an M&A [mergers and acquisitions] country,” said the president. 

Source: cnbc.com