Walmart, Oracle Support President Trump’s Idea For TikTok ‘Education Fund’

Wednesday, September 23rd 2020, 1:53 pm

By: CBS News

Walmart has agreed to back an education fund proposed by President Donald Trump as part of a deal between the retailer and Oracle to partner with Chinese-owned video-sharing app TikTok, according to a source familiar with the matter.

The financial contribution will come from the new company that emerges from the unusual transaction, called TikTok Global. The arrangement will allow the app to continue operating in the U.S. after the Trump administration threatened to ban it over national security concerns. Yet to be decided is how much money Walmart and Oracle would contribute to the fund and how it would be used. 

Walmart and Oracle are looking to take a stake of up to 20% of TikTok Global. TikTok’s current owner, Beijing-based ByteDance, and possibly its investors, would get 80% of the newly formed U.S.-based entity that will be the new

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Walmart and Oracle support Trump’s idea for TikTok “education fund”

Walmart has agreed to back an education fund proposed by President Donald Trump as part of a deal between the retailer and Oracle to partner with Chinese-owned video-sharing app TikTok, according to a source familiar with the matter.

The financial contribution will come from the new company that emerges from the unusual transaction, called TikTok Global. The arrangement will allow the app to continue operating in the U.S. after the Trump administration threatened to ban it over national security concerns. Yet to be decided is how much money Walmart and Oracle would contribute to the fund and how it would be used. 

Walmart and Oracle are looking to take a stake of up to 20% of TikTok Global. TikTok’s current owner, Beijing-based ByteDance, and possibly its investors, would get 80% of the newly formed U.S.-based entity that will be the new official owner of the popular video platform.

“Real

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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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TikTok says it will own U.S. subsidiary, disputes Trump’s claim of $5 billion U.S. education fund

A Wall Street Journal/NBC News poll released Sunday showed Democratic presidential nominee Joe Biden leading President Trump by 8 percentage points, 51 percent to 43 percent, among registered voters — the same margin the poll showed in February, before COVID-19, the economic swoon, the anti-racism protests following George Floyd’s death, and all the other craziness of 2020.

“Simply put: In 2020, the fundamentals of our country have been shaken to our core, while the fundamentals of the election have not,” said Democratic pollster Jeff Horwitt, who conducted the survey with Republican Bill McInturff. NBC’s Chuck Todd made a smiler point on Sunday’s Meet the Press.

But one thing has changed: money. Biden and the Democratic National Committee entered September with $466 million in the bank, a cash advantage of $141 million over Trump and the Republican National Committee’s $325 million, The New York Times reported Sunday night,

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Trump Said TikTok Deal Would Create $5B Patriotic Education Fund. ByteDance Says It Has No Clue

President Donald Trump suggested Saturday that the TikTok deal he gave his “blessing” to involved a $5 billion education fund for the United States, but ByteDance claims it didn’t hear of this until media reports emerged.

What Happened: “They are going to pay $5bn into a fund for education so we can educate people as to the real history of our country. We are getting very close to that deal,” the president had told his supporters on Saturday in North Carolina, the Financial Times reported.

ByteDance, in a Chinese social media post on Sunday, said it was the first time it was hearing of such a fund, according to Reuters.

“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,” the TikTok parent said

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Oracle Corporation (NASDAQ:ORCL), Wal-Mart Stores, Inc. (NYSE:WMT) – Trump Said TikTok Deal Would Create $5B Patriotic Education Fund. ByteDance Says It Has No Clue

President Donald Trump suggested Saturday that the TikTok deal he gave his “blessing” to involved a $5 billion education fund for the United States, but ByteDance claims it didn’t hear of this until media reports emerged.

What Happened: “They are going to pay $5bn into a fund for education so we can educate people as to the real history of our country. We are getting very close to that deal,” the president had told his supporters on Saturday in North Carolina, the Financial Times reported.

ByteDance, in a Chinese social media post on Sunday, said it was the first time it was hearing of such a fund, according to Reuters.

“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,” the TikTok parent said

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Doubts surround ‘education fund’ connected to TikTok deal

President Trump has given his “blessing” to Oracle’s partnership with ByteDance to operate TikTok, but his claim that the companies would finance a $5-billion “patriotic” education fund has raised questions about the deal to allow the app to operate in the U.S.



a close up of a screen of a cell phone: President Trump says he had given "preliminary" approval for Oracle's partnership with ByteDance and Walmart to operate TikTok, adding that he was in talks with the partners to fund a $5-billion "patriotic" education venture. (Getty Images)


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President Trump says he had given “preliminary” approval for Oracle’s partnership with ByteDance and Walmart to operate TikTok, adding that he was in talks with the partners to fund a $5-billion “patriotic” education venture. (Getty Images)

The president said he had given “preliminary” approval for the deal that Oracle and ByteDance, the Chinese owner of the short-video app, proposed to alleviate concerns about protecting U.S. national security.

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But in a new twist in the more than week-long negotiations between the companies and his administration, Trump said his team was talking to them about funding a venture that would teach American

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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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ByteDance says not aware of $5 bln education fund in TikTok deal

Bloomberg

Perelman Selling Almost Everything as Pandemic Roils His Empire

(Bloomberg) — Bit by bit, billionaire Ronald O. Perelman is parting with his treasures.His Gulfstream 650 is on the market. So is his 257-foot yacht. Movers hauled crates of art from his Upper East Side townhouse after he struck a deal with Sotheby’s to sell hundreds of millions of dollars of works.He’s unloaded his stake in Humvee-maker AM General, sold a flavorings company that he’d owned for decades and hired banks to find buyers for stock he holds in other companies.What in the world is going on with Ron Perelman? His exploits on and off Wall Street have been tabloid fare in New York since the go-go 1980s. But now, at an age when most fellow billionaires are kicking back, Perelman, 77, is facing a range of financial challenges, most of all at Revlon Inc., his cosmetics giant.Once touted as

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