TikTok to set up $5 billion US education fund? 'First we've heard,' says parent ByteDance

TikTok's parent company ByteDance on Sunday refuted media reports claiming that company, which has w sold its US operations, will set up a five-billion-dollar education fund in country. Responding to reports, ByteDance said that it heard about it for first time from news.

While company is committed to investing in education, it has plans to set up a $5 billion fund in United States, it said. However, ByteDance plans to work with partners and global stakeholders to launch online classroom programs based on artificial intelligence and video techlogy for students around world, Chinese state-affiliated media Global Times reported.

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Trump supports Tiktok deal with Oracle, Walmart

 US President Donald Trump anunced his support for  proposed TikTok deal with Oracle and Walmart for US operations of Chinese social media app on Saturday, September 19. In past, Trump accused TikTok and or Chinese apps such as WeChat of posing a ‘national security risks’ as he claimed se apps shared personal user data with authorities in Beijing.

After declaring TikTok a national security risk and even preventing federal employees from having app on ir office devices, Trump last month signed an executive order last month that would ban TikTok and or Chinese apps from operating in US. only way for TikTok to avoid ban was to sell its US operations to an American company.

With new deal, Trump said TikTok could w be based in Texas under Oracle and Walmart's control in US. US President added “I have given deal my blessing,” he said. “If y get it done, that’s great. If y don’t, that’s OK too”.

READ | US Bans Chinese Apps WeChat And TikTok From Sept 20 Citing National Security

TikTok will t sell its algorithm

While TikTok might have to sell its US operations in order to continue functioning in America, ByteDance, TikTok’s parent company is unwilling to part with popular Chinese social media app's algorithm. parent company has made it clear that apps source code is t up for sale.

As per reports, decision to t add algorithm to sale was made in order to comply with a new techlogy export control list that states that official permission is required if ByteDance wants to send TikTok’s algorithm abroad.

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READ | TikTok Picks Oracle Over Microsoft In Trump-forced Sales Bid

(Im for representation)