MGX

MGX is an Abu Dhabi-based investment firm that is part of a consortium holding a majority stake (80.1%) in the newly formed TikTok US entity. This entity, officially named TikTok USDS Joint Venture, was created by TikTok's parent company, ByteDance, to comply with a 2024 US law addressing national security concerns related to data privacy and potential censorship. The formation of the US entity allows TikTok to continue operating in the United States, sidestepping a potential ban that had been threatened due to these concerns. The deal, which includes Oracle, Silver Lake, and MGX as major investors, has been compared to Apple's arrangement in China, where user data is managed locally. News coverage highlights the deal as a resolution to a long-standing legal and political battle, enabling TikTok to maintain its presence in the US market while addressing national security issues.