Trump Administration Gains $10B from TikTok Deal

0:00On March 15, a new report from the Wall Street Journal says the Trump administration stands to gain $10 billion from a deal involving TikTok's U.S. operations. U.S. investors like Oracle, Silver Lake, and Abu Dhabi's MGX are taking over from the Chinese parent company, Bite Dance. The investors have already paid $2,500 million to the U.S. Treasury as part of the agreement. This comes after months of negotiations, with Trump noting back in September that the U.S. would receive a substantial payment just for facilitating the transaction. Social media users and commentators are reacting strongly with some calling for Trump's impeachment over the arrangement. Critics point out it looks unusual for the government to collect such a large sum in a private deal. Experts note that $10 billion dwarves typical fees for investment bankers who usually earn less than 1% on big transactions. For context, one of the largest recorded banker fees was just $130 million on a major railroad

1:03deal. The administration also has interests in other areas like chip sales and still mergers. This development asks to questions about how the government handles fees from business deals, and watch for more details as investigations continue.