Media moguls Rupert and Lachlan Murdoch and tech entrepreneur Michael Dell are expected to be among the U.S. investors who would be part of the potential deal for TikTok, President Trump claimed on Sunday.
Why it matters: The exact terms and timing remain unknown, but it's becoming clearer that the process to bring a version of TikTok under U.S. control is at least advancing.
- What's still entirely unclear, though, is exactly who's involved, in what capacity, what price they will pay, who will lead the new entity, or when any deal will actually happen.
What they're saying: In an interview with Fox News's "The Sunday Briefing," Trump proudly touted a list of bold-faced names who he said may be part of the still-mysterious deal.
- "Michael Dell is involved. I hate to tell you this, but a man named 'Lachlan' is involved. Do you know who Lachlan is? That's a very unusual name — Lachlan Murdoch. … And Rupert is probably going to be in the group — I think they're going to be in the group," Trump said, when asked about the U.S, buyers for the dominant social media app.
Yes, but: Although Trump touted the famous names involved in the deal, a person familiar with the negotiations said the investment would be by Fox Corp. as opposed to individuals.
- Lachlan Murdoch is executive chair and CEO of Fox Corp. Rupert Murdoch, Lachlan's father, is chairman emeritus.
The intrigue: Trump is in the middle of suing Rupert Murdoch over the Wall Street Journal's reporting on Trump's ties to Jeffrey Epstein, while at the same time apparently bringing him into a deal that's been one of the administration's top economic and policy priorities this year.
Catch up quick: Congress, in a rare show of broad bipartisan support, passed a bill last year to ban TikTok unless it was sold.
- Trump froze that ban after he took office — and then kept freezing it, despite doubts about the legality of extending the pause, and Republican pushback in Congress.
- Over the last few days, he's said the Chinese approved a deal, while the White House has insisted it would be signed in "the coming days."
Between the lines: Besides the Murdochs and Dell, Trump said Oracle chairman Larry Ellison would be involved. (The White House has said Oracle would oversee the app's data.)
- The Wall Street Journal previously reported that the controlling consortium would also include private equity firm Silver Lake and venture capital firm Andreessen Horowitz.
- The plan, the Journal and others have reported, is for U.S. users to be moved to a new app designed by TikTok's engineers, running its own content recommendation algorithm based on the existing one.
- TikTok parent ByteDance would own less than 20% of the new entity, with the rest in U.S. hands and with a majority American board.
What to watch: If a deal actually does materialize in the coming days, as the White House has suggested, and what form it ultimately takes.
Mike Allen and Dan Primack contributed.
Editor's note: This story has been updated with additional details on the investor group.
