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Abu Dhabi royal family to take stake in TikTok US
MGX, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, will take 15% stake, with social media firm valued at $14bn
The Abu Dhabi royal family is to take a stake in TikTok’s US business after Donald Trump signed an executive order brokering a deal valuing the social media company at $14bn (£10.5bn). MGX, a fund chaired by Sheikh Tahnoon bin Zayed Al Nahyan, will take a 15% stake and gain a board seat when TikTok US is spun out. China has not publicly made clear whether it will approve the deal, although Trump said that he had “had a good talk” with the Chinese president, Xi Jinping, who “gave us the go-ahead”.
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