Trump Names Investors in TikTok Deal
President Donald Trump confirmed on Sunday that top business leaders will shape the TikTok deal. He pointed to Oracle founder Larry Ellison, Dell Technologies CEO Michael Dell, and Fox Corp. executives Lachlan and Rupert Murdoch.
“They’re very well-known people. Larry Ellison is one of them. Michael Dell is involved. Lachlan is involved,” Trump said on Fox News’ Sunday Briefing. He also noted that Rupert Murdoch “will probably join the group.”
The inclusion of Fox Corp. could strengthen its digital media strategy. Moreover, it would help offset losses in traditional broadcast television, which continues to decline.
Law Forces TikTok Sale to US Investors
The TikTok deal stems from a law passed in April 2024. The measure forces TikTok to sell at least 80% of its US operations to American investors. Otherwise, the app will face a nationwide ban.
Initially, the White House listed Oracle, Silver Lake, and Andreessen Horowitz as the investors. However, Trump’s latest remarks revealed that the Murdochs and Dell will now join Ellison in the consortium.
White House press secretary Karoline Leavitt added that TikTok will have seven board members. Six of them must be American. In addition, Oracle will continue managing US data and privacy, a role it first took on in 2020.
Meanwhile, Trump said he had a call with Chinese President Xi Jinping on Friday. “We had a very productive call, and progress was made toward finalizing the deal,” he explained.
With Ellison, Dell, and the Murdochs on board, the TikTok deal has gained powerful backers. As a result, the agreement could become one of the most important tech acquisitions in US history. In addition, it may decide TikTok’s long-term future in the country and reshape the global media market.
