It seems that the TikTok saga is now nearing its end as US President Donald Trump announced his approval of the TikTok-Oracle deal last Saturday.
According to reports, ByteDance will retain 80% of TikTok’s stake while Oracle-Walmart will get 20%.
However, over the weekend, Trump announced an additional information during a rally in North Carolina.
According to Trump, the deal between Oracle and TikTok will also include a $5 billion fund for teaching America’s “real history.”
Trump was talking about the Patriotic Education curriculum.
News to ByteDance
ByteDance released a statement on a Chinese social media saying it was their first time to hear of the news.
Moreover, they also clarified that ByteDance is “has been committed to investing in the education field” in working with its global partners.
The investment includes launching “online classroom projects based on AI and video technology” for students, per ByteDance’s statement in its official Toutiao account.
Toutiao is a Chinse news content platform of ByteDance.
Oracle and Walmart released a joint statement on Saturday about the deal and the creation of a TikTok Global company.
TikTok Global, according to the statement, is part of the deal with ByteDance.
Also, the newly formed company will provide all TikTok services to US TikTok users.
The majority of the new company’s investors will consist of American investors, per the statement.
The joint statement also committed to the creation of more than 20,000 new jobs in the US.
The two companies’ joint statement also included a plan that seems to be the one, Trump was talking about.
According to the statement, TikTok Global will pay the US Treasury more than $5 billion “tax in new dollars.”
The companies also shared that TikTok Global will “create an educational initiative” in developing “an AI-driven” video to teach children.
What is the Patriotic Education Curriculum?
Trump’s controversial curriculum, the Patriotic Education aims to teach America’s “real history,” per Trump.
Trump, during a speech on Constitution Day, claims the chaos in the US is the result of “decades of left-wing indoctrination” in the schools.
With Patriotic Education, Trump wanted American children to know they are “citizens of the most exceptional nation” in the world.