Trump administration to be paid $10bn for brokering TikTok deal
Donald Trump’s administration is reportedly poised to be paid $10bn by investors as part of a deal to create a US-controlled version of TikTok.The $10bn, considered by the US government as a sort of transaction fee, will be paid by the administration-friendly investors who took control of TikTok’s US operations from its Chinese parent company, ByteDance, according to reporting that first appeared in the Wall Street Journal.The investors in the popular social media app include software company Oracle; MGX, an investment firm based in the United Arab Emirates; and private equity business Silver Lake.These entities, along with other backers, paid $2.5bn to the US treasury when the deal closed in January and are set to make further payments in the unusual arrangement until the total hits $10bn.
Trump has previously said that the US will get a “tremendous fee-plus – I call it a fee-plus – just for making the deal and I don’t want to throw that out the window”.The president signed an executive order in September approving the deal, amid bipartisan concerns that TikTok’s Chinese ownership posed a national security threat given the platform’s popularity among Americans.“It’s owned by Americans, and very sophisticated Americans,” Trump said at the signing of the order.“This is going to be American operated all the way.”A government taking a transactional fee for a deal between private businesses is exceptionally rare and the $10bn amount appears much larger than the roughly 1% slice that investment bankers take in such circumstances.
JD Vance has said the US version of TikTok is valued at about $14bn, meaning the fee taken by the government is closer to 70% of the deal.Under the agreement, TikTok will be able to fully operate in the US although investors will have to share profits with ByteDance.The transaction fee is the latest unusual involvement the Trump administration has taken in the private sector, including taking stakes in companies such as Intel and USA Rare Earth, a company that mines for critical minerals.Trump himself launched his own cryptocurrency coin while in the Oval Office, with investors in the venture recently offered “guaranteed direct access” to the president in return for $5m.Furthermore, on Saturday, the Atlantic reported that Trump’s private telephone number is being sold to chief executive officers beside crypto investors – and journalists are trading the number for that of other world leaders.
Rate rises, helium shortages, EV sales spikes: how is the disruption in Iran’s strait of Hormuz affecting Australia?
The Middle East conflict is causing huge disruptions to energy supplies, with knock-on effects reaching far beyond petrol prices.While the initial US-Israeli strikes on Iran drew a muted response from global markets due to expectations it would be a short conflict, there are now questions over whether the US has a clean exit strategy that would guarantee a stable resumption of trade through the crucial strait of Hormuz.Here are five ways the “largest supply disruption in history” in global oil markets is affecting Australia, from the cost of crucial imported goods to the purchasing decisions made by consumers.There was already a strong shift to electrified vehicles before the war on Iran disrupted energy markets, with new battery vehicles selling at nearly double the rate from a year ago, according to February automotive data.James Voortman, chief executive of the Australian Automotive Dealer Association, says car yards have been selling even more EVs since petrol prices started to rise
‘The sums don’t add up’: UK farmers struggle as Iran war drives up costs
The small green oilseed rape plants are buffeted by the wind on a blustery spring day. Sown last August, the crop is starting to shoot up and should be ready for harvesting in July, when it can be turned into cooking oil or biofuel.The peaceful 230-hectare (568-acre) arable farm owned by James Cox on the edge of the Cotswolds in Gloucestershire is a world away from the conflict in the Middle East. However, the consequences of US and Israeli strikes on Iran – and Tehran’s retaliation – are already rippling out to affect Cox and Britain’s other food producers.The prices of crucial farming inputs such as fuel and fertiliser have skyrocketed, just at a time when their use will increase in the coming weeks as the spring planting season gets under way and farmers use their tractors more
Trump administration to be paid $10bn for brokering TikTok deal
Donald Trump’s administration is reportedly poised to be paid $10bn by investors as part of a deal to create a US-controlled version of TikTok.The $10bn, considered by the US government as a sort of transaction fee, will be paid by the administration-friendly investors who took control of TikTok’s US operations from its Chinese parent company, ByteDance, according to reporting that first appeared in the Wall Street Journal.The investors in the popular social media app include software company Oracle; MGX, an investment firm based in the United Arab Emirates; and private equity business Silver Lake. These entities, along with other backers, paid $2.5bn to the US treasury when the deal closed in January and are set to make further payments in the unusual arrangement until the total hits $10bn
Meta and Google trial: are infinite scroll and autoplay creating addicts?
It was as “easy as ABC”, claimed the lawyer prosecuting a landmark social media harm case against Meta and Google which heard closing arguments this week. The defendants were guilty, said Mark Lanier, of “addicting the brains of children”. Not true, replied the tech companies. Meta insisted providing young people with a “safer, healthier experience has always been core to our work”.Features such as autoplay videos, infinite scrolling and constantly chirruping alerts woven into the fabric of online platforms were central to the six-week trial in Los Angeles, which has been compared to the cases against tobacco companies in the 1990s
France v England: Six Nations 2026 rugby union – live
Speaking of the 120 year anniversary of Le Crunch, there is a special edition France shirt (which is gorgeous by the way, and already sold out) but it’s a very pale blue and will clash a bit with England white.Pre-match reading to get you in the moodThe final game of the tournament is upon us, share your thoughts on this and anything else from the past few weeks if you like on this very email. I look forward to reading them.FranceThomas Ramos; Theo Attissogbe, Pierre‑Louis Barassi, Yoram Moefana, Louis Bielle‑Biarrey; Matthieu Jalibert, Antoine Dupont; Jean‑Baptiste Gros, Julien Marchand, Dorian Aldegheri; Thibaud Flament, Emmanuel Meafou; Francois Cros, Temo Matiu, Charles Ollivon.Replacements: Peato Mauvaka, Rodrigue Neti, Demba Bamba, Hugo Auradou, Mickael Guillard, Joshua Brennan, Baptiste Serin, Emilien Gailleton
Townsend endures familiar script with Ireland’s green energy overpowering Scotland | Luke McLaughlin
There were some Ireland fans who even said they would not begrudge Scotland victory, the triple crown, and, potentially, a first Six Nations title. There was a sense Gregor Townsend’s side had earned their day in the sun, somehow, especially after the glorious fourth-round triumph against France. And this Ireland team have certainly had their share of vitamin D against Scotland.Ireland’s players, it soon became clear, did not see it that way. They were visibly keen to remind Scotland that no one is owed anything in elite sport
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