"MGX, a fund chaired by Sheikh Tahnoon bin Zayed Al Nahyan, will take a 15% stake and gain a board seat when TikTok US is spun out. The US president signed an executive order on Thursday night approving the deal and providing a 120-day window to finalise the details. Larry Ellison's Oracle, the private equity group Silver Lake and Abu Dhabi's MGX will control roughly 45% of TikTok US."
"[TikTok US] will be majority-owned and controlled by United States persons and will no longer be controlled by any foreign adversary, Trump said. We have American investors taking it over, running it [who are] highly sophisticated, including Larry Ellison. Great investors, the biggest. They don't get bigger. This going to be American-operated all the way. TikTok's Chinese owner, ByteDance, will retain a 19.9% stake in the US operation."
"Overall, American companies are expected to control just over 65% of the company, with Trump also naming the personal computer pioneer Michael Dell and Rupert Murdoch's Fox as other investors. China has not publicly made clear whether it will approve the deal, although Trump said that he has had a good talk with the president, Xi Jinping, who gave us the go-ahead. JD Vance, the vice-president, said that the deal values TikTok US at $14bn."
A deal backed by an executive order values TikTok US at $14bn and sets a 120-day window to finalise the spin-out. MGX, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, will take a 15% stake and a board seat. Oracle, Silver Lake and MGX together will control roughly 45% of TikTok US, and American entities are expected to own just over 65% overall. ByteDance will retain a 19.9% stake in the US operation. The administration says the structure ensures US majority ownership, aims to protect Americans' data privacy, and keeps the app operating while awaiting Chinese approval.
Read at www.theguardian.com
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