Here's your Forbes Daily Briefing for Sunday, September 28th. Today on Forbes, the web of billionaire pals,

partners, and Trump supporters taking control of TikTok US. TikTok is here to stay. President Trump

signed an executive order on Thursday. It paves the way for the social media

app to remain available in the United States.

The business, which had been facing a ban in the U.S. following a bipartisan law passed in

2024 to limit its Chinese ownership, will be taken over by a consortium of mostly American

investors. After signing the order Thursday in the

Oval Office, Trump said, quote, it's run by American investors and American companies, great

ones, great investors, the biggest, you don't get bigger. He claimed that there will be fewer

data and privacy concerns because it's going to be run by, quote, people that

love the country. The full roster of TikTok's new U.S. owners was still under wraps as of Thursday,

but according to Vice President J.D. Vance would be revealed, quote, in the days to come.

But it's believed to be a who's who of U.S. billionaires, many of whom have close ties to Trump

and to each other. Software giant Oracle, private equity firm Silver Lake, and MGX, an AI-focused

investment firm established by the government of Abu Dhabi in the United Arab Emirates,

are expected to own around 45% of the new TikTok.

Trump also mentioned the involvement of Michael Dell and Rupert Murdoch from the Oval Office on Thursday.

ByteDance, TikTok's Chinese parent company, is expected to retain 19.9% ownership,

while a broader group of investors, including existing bite-dance shareholders,

KKR, Sequoia, and Susquehanna, is believed to be taking the remaining 35%.

The deal values the U.S. operations of TikTok, minus its lucrative algorithm, at around $14 billion,

less than its $22 billion in estimated 2024 revenue.

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