<\/p>\n
The Abu Dhabi royal family is to take a stake in TikTok\u2019s US business, as Donald Trump signed an executive order<\/a> brokering a deal valuing the social media company at $14bn (\u00a310.5bn).<\/p>\n MGX, a fund chaired by Sheikh Tahnoon bin Zayed Al Nahyan, will take a 15% stake and gain a board seat when TikTok<\/a> US is spun out.<\/p>\n The US president signed an executive order on Thursday night approving the deal and providing a 120-day window to finalise the details.<\/p>\n Larry Ellison\u2019s Oracle, the private equity group Silver Lake and Abu Dhabi\u2019s MGX will control roughly 45% of TikTok US.<\/p>\n Overall, American companies are expected to control just over 65% of the company, with Trump also naming the personal computer pioneer Michael Dell and Rupert Murdoch\u2019s Fox as other investors.<\/p>\n \u201c[TikTok US] will be majority-owned and controlled by United States persons and will no longer be controlled by any foreign adversary,\u201d Trump said. \u201cWe have American investors taking it over, running it [who are] highly sophisticated, including Larry Ellison. \u201cGreat investors, the biggest. They don\u2019t get bigger. This going to be American-operated all the way.\u201d<\/p>\n TikTok\u2019s Chinese owner, ByteDance, will retain a 19.9% stake in the US operation.<\/p>\n China has not publicly made clear whether it will approve the deal, although Trump said that he has \u201chad a good talk\u201d with the president, Xi Jinping, who \u201cgave us the go-ahead\u201d.<\/p>\n JD Vance, the vice-president, said that the deal values TikTok US at $14bn.<\/p>\n \u201cThere was some resistance on the Chinese side,\u201d Vance said. \u201cBut the fundamental thing that we wanted to accomplish is that we wanted to keep TikTok operating but we wanted to make sure that protected Americans\u2019 data privacy as required by law.\u201d<\/p>\n \u201cThis deal really does mean that Americans can use TikTok, but actually use it with more confidence than in the past,\u201d Vance said. \u201cBecause their data is going to be secure and it\u2019s not going to be used as a propaganda weapon against our fellow citizens.\u201d<\/p>\n