Abu Dhabi’s MGX is part of a trio of investors preparing to keep TikTok alive in the US. President Donald Trump on Thursday signed an order approving a deal that splits TikTok’s US operations from its Chinese parent company ByteDance. The US app will be valued at $14 billion, with a consortium of Abu Dhabi’s tech investment fund MGX, Oracle, and California private equity firm Silver Lake set to control some 45% of the spun out venture, CNBC reported. Trump gave officials four months to finalize the deal, which could still fall apart over US-China tensions. China has been notably silent following the announcement.
Abu Dhabi’s involvement in the spin-out of TikTok to appease China hawks in the US is unexpected. Still, it follows a willingness from the Trump administration to greenlight Emirati deals, and growing ties between MGX and US tech firms. MGX and Silver Lake plan to acquire a majority stake in California chipmaker Altera, while G42 and Oracle are building a 1GW Stargate campus in the UAE with OpenAI.