MGX Acquires 15% Stake in TikTok’s U.S. Business Amid Restructuring
- MGX, a fund backed by Dubai’s ruling family, will acquire a 15% stake in TikTok’s U.S. operations.
- The investment is led by Sheikh Tahnoon bin Zayed Al Nahyan and partners with Oracle, resulting in a combined ownership of approximately 45%.
- U.S. investors are projected to hold over 65% of TikTok’s U.S. entity post-deal.
- ByteDance, TikTok’s Chinese parent company, will retain a 19.9% stake in the U.S. branch.
- Earlier this year, MGX invested $2 billion in USD1, a stablecoin linked to Donald Trump’s World Liberty Financial.
This strategic investment aims to enhance American control over TikTok amid regulatory scrutiny from Washington regarding data practices and ownership structures.
With MGX now holding a significant share and having previously invested in Binance using USD1, the deal marks an important move for both MGX and the evolving landscape of social media ownership.(Source)
