MGX, led by Sheikh Tahnoun bin Zayed Al Nahyan, will receive a 15% stake in the company, valued at approximately $14 billion. US President Donald Trump signed the decree on Thursday evening. Larry Ellison’s Oracle, Silver Lake Investment Group, and Abu Dhabi’s MGX fund will also become shareholders in TikTok US. Their combined stake will be about 45%.
According to Trump, TikTok US will be majority-owned by the US and will no longer be managed by any foreigner. “We have the best, biggest American importers. This will be a completely American-owned company.”
TikTok’s Chinese parent company, ByteDance, will retain a 19.9% stake. China has not yet announced whether it will approve the deal, but Trump stated that he had a “good conversation” with Chinese President Xi Jinping, who reportedly gave his approval.
The future of TikTok in the US has been uncertain since last April, when Congress passed a law forcing ByteDance to sell its stake, citing privacy and national security concerns. Trump has repeatedly extended the deadline for the sale or the potential closure of TikTok US in an attempt to reach an agreement.
