Donald Trump recently approved a deal that will allow TikTok to still be available to American users.
In the deal, Oracle and Walmart will acquire stakes in the U.S. operations of the video-sharing platform. Oracle will take a 12.5% stake of the company whereas Walmart will take a 7.5% stake. TikTok will also be headquartered in the U.S. and four of the five board members will be American. Oracle will also provide cloud services to satisfy Trump’s concerns about national security.
“Both companies will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company,” TikTok said in a statement. “We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”
Oracle and Walmart confirmed the deal with TikTok. TikTok Global’s initial public offering is set to happen within the next 12 months according to Walmart’s statement.
Upon one of the more interesting requirements of the deal is that Trump wants to use the deal to create a $5 billion fund to “educate people” about the “real history of our country.”
In a rally in Fayetteville, North Carolina on Sunday, Trump said that he requested “$5 billion into a fund for education so we can educate people as to real history of our country — the real history, not the fake history.”
While Trump did not specify what he meant by the “real history” of the U.S., it is safe to assume that this in response to California public schools offering the “1619 Project” curriculum instead of regular U.S. History. The “1619” Project” curriculum looks at U.S. history through the lens of the Black experience and contributions Black people made to the United States. A few weeks ago Trump came out against the implementation of this curriculum, stating that any states that do teach the “1619 Project” will lose federal funding.