There were rumblings about this for a while, but it looks like the Trump TikTok deal is done, and it’s somehow the worst of all possible outcomes, amazingly making all of the biggest criticisms about TikTok significantly worse. Quite an accomplishment.
The Chinese government has signed off on the deal, which involves offloading a large chunk of TikTok to billionaire right wing Trump ally Larry Ellison (fresh off his acquisition of CBS), the private equity firm Silver Lake (which has broad global investments in Chinese and Israeli hyper-surveillance), and MGX (Abu Dhabi’s state investment firm), while still somehow having large investment involvement by the Chinese:
“The new U.S. operations of TikTok will have three “managing investors” that will collectively own 45 percent of the company: Oracle Corporation, Silver Lake, and MGX. Another 5 percent will be owned by other new investors, 30.1 percent will be “held by affiliates of certain existing investors of ByteDance; and 19.9 percent will be retained by ByteDance.”
There’s also a smattering 5% of investors that may or may not include folks like right wing media mogul Rupert Murdoch. It’s worth noting that none of this was really legal; the law technically stated that TikTok shouldn’t have been allowed to exist for much of this year. Everyone just looked the other way while Trump and his cronies repeatedly ignored deadlines and hammered away at the transfer.