On Sunday, President Donald Trump said media mogul Lachlan Murdoch and tech leaders Oracle Corp ORCL Larry Ellison and Dell Technologies Inc. DELL CEO Michael Dell will take part as investors in a proposed deal to transfer TikTok’s U.S. operations from Chinese parent ByteDance to American ownership.
Trump Calls Business Leaders ‘American Patriots’
Speaking on Fox News’ Sunday Briefing, Trump praised the group and called them “American patriots,” reported Reuters.
He also credited TikTok with helping him connect with younger voters during the 2024 presidential race.
The plan would create a U.S.-based joint venture in which American investors hold a majority stake, with ByteDance limited to less than 20% ownership.
The board overseeing TikTok’s U.S. operations would reportedly be composed of directors with national security and cybersecurity backgrounds.
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Murdoch, Ellison, Dell Tapped As Backers
Murdoch, CEO of Fox Corp FOXA solidified his family’s control of its media empire, which includes Fox News and The Wall Street Journal.
Trump suggested that Rupert Murdoch, the 94-year-old family patriarch, could also play a role. Two people familiar with the matter told the publication that any investment would come through Fox Corp, not the Murdochs as individuals.
Ellison, the billionaire co-founder of Oracle and a longtime Republican donor, has previously been linked to TikTok negotiations.
Dell was also named by Trump, though his company has not commented, the report said.
Divestment Deadline Extended
The Trump administration has so far declined to enforce a 2024 law passed under former President Joe Biden requiring TikTok to be divested by January 2025.
Instead, Trump has used the app as leverage in broader trade talks with China. On Friday, Trump confirmed he had spoken with Chinese President Xi Jinping, calling the conversation progress, and said the two leaders would meet at the Asia-Pacific Economic Cooperation summit in South Korea on Oct. 31.
Trump extended TikTok’s U.S. divestment deadline to Dec. 16, allowing the platform, which counts 170 million U.S. users, to continue operations during negotiations.
National Security Concerns Linger
Critics argue TikTok poses a national security threat, with fears that Beijing could access U.S. user data or influence public opinion. Supporters say the app has been
majority-owned by U.S.-based investors, including General Atlantic and Susquehanna International Group, since its launch in 2018.
The White House has said any agreement must fully separate TikTok’s algorithms from ByteDance to address ongoing concerns.
Shares of TikTok’s U.S. rivals dipped Friday amid the news. Meta Platforms, Inc. META, parent of Instagram and Facebook, slipped 0.24%, while Snap Inc. SNAP dropped 3.32%, according to Benzinga Pro.
Benzinga’s Edge Stock Rankings indicate that META maintains an upward trend across short, medium and long-term horizons, with additional performance insights available here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: TikTok logo on the phone.