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 the company, which has now sold its US operations, will set up a five-billion-dollar education fund in the country. Responding to the reports, ByteDance said that it heard about it for the first time from the news.

While the company is committed to investing in education, it has no plans to set up a $5 billion fund in the 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 technology for students around the world, Chinese state-affiliated media Global Times reported.

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Trump supports Tiktok deal with Oracle, Walmart

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

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

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

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

TikTok will not 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 the popular Chinese social media app's algorithm. The parent company has made it clear that the apps source code is not up for sale.

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

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