Trump Wants $5 Billion From TikTok Deal, Regret Not Asking For More

Aadhya Khatri - Sep 21, 2020


Trump Wants $5 Billion From TikTok Deal, Regret Not Asking For More

The president wants to raise $5 billion for an education fund from the TikTok deal. However, it isn’t clear who will pay such a huge amount of money

The TikTok deal is going through some rough time but no matter who gets to lay hands on the popular app’s shares, President Donald Trump still wants to gain $5 billion to educate people of the US’s real history.

In August, the president issued an executive order to force ByteDance to sell TikTok to an American company. The ongoing deal, when completed, means Walmart and Oracle will collectively hold 20% of TikTok Global, a newly created entity operates in the US.

Tiktok deal
Walmart and Oracle will collectively hold 20% of TikTok Global

President Trump mentioned a cut for the US Treasury from the deal. Now he said the new focus was to raise $5 billion for an education fund. However, it isn’t clear who will pay such a huge amount of money.

Trump said in a rally that is things went according to his plans, TikTok would move to the US, most likely to Texas, and created around 250,000 jobs. He also said the deal went so fast that he regretted not asking for more.

In another speech, Trump criticized the 1619 Project, created by the New York Times back in 2019 to mark the 400th anniversary of the start of slavery in the US.

1619 Project
In another speech, Trump criticized the 1619 Project, created by the New York Times back in 2019

The goal of the project is to place black Americans’ contributions and the consequences of slavery at the heart of the US’s narrative.

The president said if the 1619 project were taught in schools in California, they would not be funded.

However, if the deal goes in the current way, the new TikTok Company would be the one controlling the money.

>>> YouTube Launches TikTok-Clone Shorts In India, Taking Advantage Of The Ban On Chinese Apps

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