As Trump Boasts TikTok’s Deals With Walmart And Oracle, Chinese Owner Contradicts The US President’s Statement
President Trump boasts TikTok’s deals with Walmart and Oracle. While its Chinese owner, ByteDance released a statement on Monday that contradicted two of the President’s message. On Saturday, Trump also gave his blessing to the ‘Walmart-Oracle’ deal.
Although TikTok got permission from the White House to tie-up with Oracle and Walmart. But ByteDance check’s the President’s boast regarding the deal. On Monday, ByteDance released a press statement which titled “clarifying groundless rumours about TikTok”.
Trump’s two sentences which the ByteDance contradicted are:
1. “It will have nothing to do with China.”
2. No $5 billion for Trump’s ‘real history’ education fund.
In his first statement, Trump mentions that the Walmart-Oracle deal will lead to the formation of a new company with no connection to China. He said, “It’ll be a brand new company. It will have nothing to do with China.”
The Walmart-Oracle deal will lead to form a new company called TikTok Global, headquartered in the US, ByteDance. It is based in Beijing, and it said that it would hold 80% of the company’s stake. In comparison, Oracle and Walmart will own up to 20% of the company. On the other hand, Oracle and Walmart have mentioned in a statement that TikTok Global will be an “independent American company.” And that four out of five members will be the citizen of the US.
And in Trump’s second statement, he mentioned that the deal agreed to pay a $5 billion fee to the US Treasury, which will be used to set up an education fund. At a rally in Fayetteville, North Carolina, Trump repeated his statement. He said: “Do me a favour, could you put up $5 billion into a fund for education so that we can educate people as to the real history of our country – the real history, not the fake history.”
After this ByteDance said in a statement: “TikTok is confident in its future, but the actual tax amount will have to be determined in accordance with the actual state of the business and American tax structures.”