Dubai Royal-Backed Fund MGX Buys 15% of TikTok U.S. Business in Major Stake Deal
MGX, a fund backed by Dubai’s ruling family, has acquired a 15% stake in TikTok’s U.S. business as part of a restructuring aimed at increasing American control over the popular video app. This deal, reported recently, sees MGX partnering with Oracle, a leading database company co-founded by Larry Ellison. Together, they will own approximately 45% of TikTok’s U.S. operations. American investors are expected to hold more than 65% of the business overall. ByteDance, TikTok’s Chinese parent company, retains a 19.9% share of the U.S. arm. This arrangement is meant to mitigate concerns from U.S. officials regarding data privacy and ownership issues. Notably, MGX previously made headlines by investing $2 billion in USD1, a stablecoin linked to Donald Trump’s World Liberty Financial and supported by U.S. Treasuries. The acquisition of the TikTok stake marks an essential move for MGX into the U.S. social media landscape, emphasizing the growing influence of the platform in advertising and culture.
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