Free Trial

Trump reveals Murdochs and Dell could potentially take part in TikTok deal

The TikTok logo is pictured in Tokyo, Sept. 28, 2020. (AP Photo/Kiichiro Sato, File)

Key Points

  • President Donald Trump has suggested that billionaires Rupert Murdoch and Michael Dell could be involved in a potential deal for the U.S. control of TikTok.
  • Tech giant Oracle's founder, Larry Ellison, is confirmed to be a part of the group, which aims to ensure that Americans handle the app's data and security.
  • The deadline for finalizing details of the deal between U.S. and Chinese officials is set for December 16, following recent extensions by the Trump administration.
  • Trump remarked on TikTok's positive impact on his connection with young voters, indicating a personal interest in the app's operations despite ongoing concerns about its Chinese ownership.
  • MarketBeat previews top five stocks to own in October.

President Donald Trump said prominent billionaires – including media mogul Rupert Murdoch and tech founder Michael Dell – could be part of a deal in which the U.S. will take control of the social video platform TikTok.

Trump namedropped the 94-year-old Murdoch and his son Lachlan Murdoch, the head of Fox News and News Corp, as part of a group of possible participants in a deal during an interview recorded Friday and aired Sunday on Fox News.

“I think they’re going to be in the group. A couple of others. Really great people, very prominent people,” Trump said. “And they’re also American patriots, you know, they love this country. I think they’re going to do a really good job.”

Trump’s disclosure of the potential involvement of the Murdochs and Dell, the founder and CEO of Dell Technologies, is the latest twist in a fast-moving potential deal to keep TikTok operating in the U.S.

Trump also said Sunday that tech giant Oracle founder and Chairman Larry Ellison was part of the same group. His involvement had been previously disclosed. On Saturday, White House press secretary Karoline Leavitt said Oracle would be responsible for the app’s data and security and that Americans will control six of the seven seats for a planned board.

Much is still unknown about the actual deal in the works. Trump discussed the TikTok deal with China’s Xi Jinping in a lengthy phone call on Friday. Chinese and U.S. officials have until Dec. 16 to hash out the details, following the latest deadline extension by the Trump administration.

TikTok is a hugely popular app currently owned by a Chinese company, ByteDance. American officials have warned the algorithm TikTok uses to shape what users see is vulnerable to manipulation by Chinese authorities, who can use it to push content on the platform in a way that’s difficult to detect.

Congress passed legislation calling for a TikTok ban to go into effect in January, but Trump has repeatedly signed orders that have allowed TikTok to keep operating in the United States as his administration tries to reach an agreement for the social media company’s parent company to sell its U.S. operations.

On Sunday, Trump said that he was “a little prejudiced” about TikTok because he credited the app for helping him connect with young voters. Trump said slain conservative activist Charlie Kirk encouraged the president to use the app.

Representatives for Ellison, Dell and the Murdochs could not immediately be reached for comment.

Trump filed a lawsuit against Murdoch and one of his newspapers, The Wall Street Journal, in July after it published a story reporting on the president’s ties to wealthy financier and convicted sex offender Jeffrey Epstein.

Where Should You Invest $1,000 Right Now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

Reduce the Risk Cover

Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.

Get This Free Report
Like this article? Share it with a colleague.