Walmart agrees to back Trump’s TikTok “education fund”

Walmart has agreed to back an education fund 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.



a sign on the side of a building: TikTok In Beijing


© VCG
TikTok In Beijing

The financial contribution will come from the new company, which is to be called TikTok Global, that emerges from the unusual transaction. 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 large of a contribution Walmart and Oracle would sign off on to the fund and how it would be used. 

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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

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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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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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