MGX, a fund supported by the Dubai leader family, will take a 15% stake in Tiktok American activities as part of a restructuring intended to increase American control of the popular video application, Washington Post reported on Friday.
The investment, led by Sheikh Tahnoon Bin Zayed Al Nahyan, brings MGX in partnership with Oracle, the database giant co-founded by Larry Ellison. Together, the two will hold around 45% of the American entity of Tiktok. With other American investors involved, US companies should have more than 65% of the company.
According to The Guardian, the Chinese parent of Tiktok will remain an important shareholder, keeping a 19.9% ​​participation in the American branch, according to The Guardian. This arrangement seems to be designed to mitigate concerns in Washington, where President Trump has put pressure on several occasions for a more strict examination of the property’s property and data practices.
The role of MGX in the agreement adds another layer of intrigue. Earlier this year, the fund bought USD1 $ 2 billion, a stablecoin launched by World Liberty Financial from Donald Trump. The token is supported by American treasury bills, money and equivalents, and is launched as a means for people to access financial services without banks. MGX has already deployed USD1 in its investment in Crypto Exchange Binance, signaling its desire to use stablecoin in large -scale transactions.
For MGX, Tiktok participation offers a large-scale foot on the American social media market, where the influence of the platform on culture and advertising continues to develop.
