Abu Dhabi royal family buys 15% stake in TikTok US
Business
The Abu Dhabi royal family is making waves by buying a 15% stake in TikTok's US operations, with the deal valuing the platform at $14 billion.
This move was greenlit by a Donald Trump executive order and gives Sheikh Tahnoon bin Zayed Al Nahyan's MGX group a board seat as part of the investment.
New ownership structure
MGX will now get board representation, joining forces with Oracle, Silver Lake, Michael Dell, and Fox to give American firms over 65% control of TikTok US.
ByteDance will keep just under 20%.
The new ownership aims to ease data privacy worries and keep TikTok running smoothly in the States after some tense moments between US and Chinese leaders.