Dubai Royal-Backed Fund MGX bought 15% of Tiktok US Business in Major Stake Deal: Report
MGX, a fund supported by Dubai’s ruling family, will take 15% US business stakes of Tiktok as part of a re -arrangement to increase American control of the famous video app, The Washington Post Reported Friday.
The investment, led by Sheikh Tahnoon bin Zayed Al Nahyan, brings MGX to a partnership with Oracle, the giant database founded by Larry Ellison. Along with, the two hold about 45% of the US creature of Tiktok. With other US investors involved, American companies are expected to hold over 65% of the business.
Chinese parent, bytedance, will remain a significant shareholder, maintaining a 19.9% stake in the US arm, according to The Guardian. That arrangement appears to be designed to ease the concerns in Washington, where President Trump has repeatedly pressed for a lighter investigation of the ownership and skill of app data.
MGX’s role in the deal adds another layer of intrigue. Earlier this year, the funds bought a $ 2 billion worth of USD1, a Stablecoin launched by Donald Trump’s World Liberty Financial. The token is supported by US wealth, cash and equivalent, and mounted as a way for people to access financial services without banks. MGX has already beenployed that USD1 By investing its in the crypto exchange binanceSigns are willing to use stablecoin in large deals.
For MGX, Tiktok Stake provides a high-profile foothold in the US social media market, where the influence of the cultural and advertising platforms continues to expand.
