(MENAFN) US President Donald Trump announced on Sunday that several high-profile figures from the technology and media industries will be part of a consortium moving to purchase TikTok’s American business. Among them are Oracle founder Larry Ellison, Dell Technologies chief executive Michael Dell, and Fox Corporation executives Rupert and Lachlan Murdoch.

“You know, they’re very well-known people. And Larry Ellison is one of them. He’s involved. He’s a great guy. Michael Dell is involved. I hate to tell you this, but a man named Lachlan is involved,” Trump stated, adding that Rupert Murdoch “is probably going to be in the group.”

The announcement comes in the wake of legislation passed in April 2024 that requires TikTok’s parent company, China-based ByteDance, to transfer roughly 80% of its American operations to domestic ownership or risk being banned across the United States.

According to officials, Oracle will take responsibility for overseeing US data and privacy protections. A governing board consisting of seven members will be formed, with six of the seats designated for American representatives.

Trump further noted that he had “a very productive call” with Chinese President Xi Jinping on Friday, describing the discussion as a positive step toward finalizing the arrangement.

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