Sep. 22 at 3:29 PM
Rumour: TikTok's new US entity would lease its algorithm from China owner ByteDance to a new JV controlled by a US investor group led (list has been finalized - President Trump wants investors who are "patriotic" (code for bend-the-knee to MAGA)
US govt will not have a board seat or equity stake in TikTok US, although both were discussed at one point.
$ORCL will receive a copy of TikTok's algorithm
When asked about who was involved in the proposed TikTok deal, President Trump told Fox's The Sunday Briefing:
"Larry Ellison is one of them. He's involved. This great guy, Michael Dell is involved. I hate to tell you this, but a man named Lachlan is involved. Do you know who Lachlan is? And Rupert is probably going to be in the group."
Lachlan Murdoch recently took over
$FOXA &
$NWSA
ByteDance will choose 1 of 7 board members w/ Americans holding the 6 remaining & may hold <20% stake in TikTok US
--- Murdochs & the Ellisons (via
$PSKY ) now 2 of the country's most powerful families in US media
