President Trump issued an executive order in August requiring the sale of TikTok by ByteDance, its Chinese parent company, to an American company. The proposed deal would result in Oracle and Walmart having a 20% stake in a newly formed US-based entity, TikTok Global.
The president had previously expressed the desire of companies to make payments to the US Treasury Department as part of the TikTok deal. It is now focused on building a $ 5 billion education fund. It is not yet clear which companies will pay into such a fund.
Trump told rally participants that TikTok was to move to the United States – most likely to Texas – which would create 25,000 jobs if all went as planned.
“My only problem is that they did it so fast, I should have asked for more,” Trump said of the TikTok deal.
In his speech, Trump attacked the 1619 Program, an ongoing work of the New York Times created in August 2019 on the 400th anniversary of the beginning of American slavery. The project “aims to reshape the country’s history by placing the consequences of slavery and the contributions of black Americans at the heart of our national narrative,” according to the New York Times.
Reacting to reports that 1,619 projects would be taught in California schools, Trump wrote on Twitter in early September, “The Department of Education is considering this. If so, they will not be funded!”
It is important to note that, If the agreement goes ahead, start-up TikTok will check the money in the fund and decide how to invest.