Bloomberg News reports:
President Donald Trump said Saturday he wants $5 billion from companies creating a new U.S.-based TikTok venture directed toward teaching American children “the real history of our country.” Trump said Saturday that he had approved a transaction between Oracle Corp., Walmart Inc. and ByteDance Ltd. to create a new company called TikTok Global to run the U.S. video-sharing app. As part of the arrangement, Trump told reporters at the White House the companies agreed to contribute $5 billion to an education foundation.
Later, during a campaign rally in Fayetteville, North Carolina, Trump said “we’re going to be setting up a very large fund for the education of American youth.” He told his rally audience that in conversation with leaders of the companies, he said “do me a favor, could you put up $5 billion into a fund for education, so we can educate people as to real history of our country — the real history, not the fake history.”
TikTok owner Bytedance said in a social media post on Sunday that it was the first time it had heard in the news it was setting up a $5 billion education fund in the United States.
U.S. President Donald Trump said he had approved a deal, which included a $5 billion education fund, to allow TikTok to continue to operate in the United States.
“The company has been committed to investing in the education field, and plans to work with partners and global shareholders to launch online classroom projects based on AI and video technology for students around the world,” ByteDance said on its official account on Toutiao.
Make no mistake on TikTok — Trump got nothing he asked for. There’s no sale of the company. There’s no key money. TikTok is still 80% owned by China’s Bytedance. All that Trump did was funnel a 20% stake in a successful company to supporters Larry Ellison and Doug McMillon.
— Shelly Banjo (@sbanjo) September 19, 2020