TikTok unaware of $5bn US ‘education fund’ request

Trump/TikTok graphic
Trump/TikTok graphic

Bytedance, the owner of TikTok, says it has not heard about a $5bn (£4bn) contribution to a new education fund requested by US president Donald Trump, at a rally in North Carolina.

The firm released a statement on its Chinese language website.

It said it wanted to offer an “explanation of some false rumours” about its deal with Oracle and Walmart.

It also said there was no plan to transfer ownership of the valuable algorithms which power TikTok.

Donald Trump had threatened to ban the app in the US unless a sale was agreed with a US firm by the middle of September.

A deal was eventually struck to create a new division, TikTok Global, in partnership with Oracle and Walmart, based in the US.

Mr Trump said at the weekend that he had asked the companies involved to put up the money “so we can educate people

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ByteDance unaware of $5B education fund in TikTok deal

ByteDance, the owner of video app TikTok, said Sunday it had heard for the first time that it was setting up a $5 billion education fund in the U.S., Reuters reported. 

“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, according to the newswire. 

President TrumpDonald John TrumpUS reimposes UN sanctions on Iran amid increasing tensions Jeff Flake: Republicans ‘should hold the same position’ on SCOTUS vacancy as 2016 Trump supporters chant ‘Fill that seat’ at North Carolina rally MORE said Saturday that he approved a proposal from TikTok, Oracle and Walmart that would stop the video app from being shut down. The president said as part of the deal, TikTok would “be making

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