President Donald Trump announced on Sunday that major figures from the tech and media industries will be involved in a consortium aimed at acquiring TikTok’s algorithm as part of the social media platform’s U.S. operations sale. In an interview on Fox News’ “Sunday Briefing,” Trump identified Larry Ellison, the co-founder of Oracle, and Michael Dell, the CEO of Dell Technologies, as key participants. He also mentioned media moguls Lachlan Murdoch and his father, Rupert Murdoch, as integral members of this group.
Trump’s comments mark a shift from the previously discussed consortium for the TikTok deal, which had included Oracle along with Silver Lake and Andreessen Horowitz. The involvement of the Murdochs could potentially enhance Fox Corp.’s strategy to diversify its portfolio, especially as the company seeks to expand its digital investments in response to declining revenues from traditional broadcast television.
The urgency of the TikTok deal stems from legislation passed by Congress in April 2024, which mandates that TikTok must sell approximately 80% of its assets to American investors to continue operating in the United States. White House press secretary Karoline Leavitt confirmed that the new board of TikTok will consist of seven members, with six being American, in compliance with this legislation.
Leavitt indicated that Oracle would lead the data and privacy initiatives for TikTok in the U.S. The company’s involvement dates back to 2020, when it began hosting TikTok’s data in the country. This partnership is viewed as crucial for ensuring that the app meets the new regulatory requirements.
In addition to the business implications, Trump highlighted the significance of international relations in finalizing the deal. He mentioned having had “a very productive call” with Chinese President Xi Jinping, suggesting that discussions regarding TikTok’s future are progressing.
As the situation evolves, the involvement of high-profile figures like Ellison and the Murdochs could reshape the landscape of American digital media. Their collective expertise and resources may provide TikTok with the necessary framework to maintain its presence in the U.S. market while adhering to new regulations.
The outcome of this acquisition will be closely watched, as it not only impacts the future of TikTok but also reflects broader trends in the intersection of technology, media, and geopolitics.
