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ByteDance says not aware of $5 bln education fund in TikTok deal

 TikTok owner ByteDance said in a social media post on Sunday (September 20) that it was the first time it had heard in the news it was setting up a $5 billion education fund in the United States.

U.S. President Donald Trump said he had approved a deal, which included a $5 billion education fund, to allow TikTok to continue to operate in the United States.

“To be clear, we also heard about the $5 billion education fund for the first time from the news,” according to ByteDanceofficial account on Toutiao, adding that, “the company has been committed to investing in the education field, and plans to work with partners and global shareholders to launch online classroom projects based on AI and video technology for students around the world.”

Trump told reporters at the White House he backs the deal with TikTok owner ByteDance, Oracle and Walmart to create a new company that will assume TikTok’s U.S. operations called TikTok Global.

The U.S. Commerce Department had earlier announced a ban on blocking people in the United States from downloading Chinese-owned messaging app WeChat and TikTok starting Sunday. The TikTok ban will now be delayed by a week until Sept. 27.

(Production: Afiq Satikin, Travis Teo)

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