Trump gave his “blessing” for Oracle to buy TikTok’s U.S. operations and as part of the deal, he says his administration will get $5 billion for his proposed 'Patriotic Education' policy
Photo: Getty Images Over the weekend, the president announced that the deal for Oracle to purchase TikTok had his “blessing” just hours before his deadline to block new downloads of the video-sharing app was scheduled to go into effect on Sunday. But Trump, known for the quid pro quo nature of his business and policy dealings, announced a new, last-minute caveat for the deal to stop the Chinese firm ByteDance from overseeing TikTok’s U.S. operations.
On Saturday, President Trump said that the companies involved in the venture must pay the U.S. government $5 billion to fund his new, authoritarian-lite National Commission to Support Patriotic Education, which he announced his intention to form on Thursday. “Do me a favor, could you put up $5 billion into a fund for education so we can educate people as to the real history of our country,” Trump framed the deal at a rally in North Carolina on Saturday.
It’s unclear if the president will commit to such a move: In August, he said that the U.S. Treasury should pick up a “very substantial amount of money” from a potential TikTok sale, though he walked back the claim after learning that the federal government does not have the authority to do so.
The scope of the deal is coming into greater focus. In a press release on Saturday, Oracle announced that it would take a 12.5 percent stake in the app’s U.S. operations and become TikTok’s “secure cloud technology provider,” with Walmart “tentatively” agreeing to own a 7.5 percent stake in the company, which will see its initial public offering within the year.
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ByteDance says not aware of $5 billion education fund in TikTok dealTikTok 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.
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TikTok Owner Says It Wasn't Aware Deal Included $5 Billion 'Education Fund'ByteDance on Sunday said it was unaware of President Trump's plan to use $5 billion from the company's sale to fund so-called 'patriotic education' in the U.S.
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