The author of The Art of the Deal always likes to claim he’s a big winner when it comes to any business arrangement he makes. And in some ways, Donald Trump appears to have won big by finalizing a deal that will see Oracle, Silver Lake, and MGX acquire part ownership of a new joint venture designed to oversee U.S. operations of TikTok, the wildly popular social video app.

But dig into the details, and you’ll see that what Trump’s White House is keen to present as a big win for national security looks more like a standard business deal—or more cynically, a........

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