MGX

MGX is an Abu Dhabi-based investment firm that is part of a consortium holding a majority stake (80.1%) in TikTok's newly formed US entity, TikTok USDS Joint Venture. This new entity was created to comply with a 2024 US law aimed at addressing national security concerns related to TikTok's Chinese ownership under ByteDance. The formation of the TikTok USDS Joint Venture allows TikTok to continue operating in the US, sidestepping a potential ban. The deal, also involving Oracle and Silver Lake, has been compared to Apple's iCloud data transfer to Guizhou-Cloud Big Data in China. This development is significant because it represents a resolution to years of legal and political uncertainty surrounding TikTok's operations in the US, while also raising concerns among some users regarding privacy, censorship, and trust in the platform.