MGX
MGX is an Abu Dhabi state-backed AI investment entity that simultaneously functions as a vehicle for deploying sovereign capital into the most strategically significant technology infrastructure of the current era and as a counterparty to financial transactions directly benefiting the family of a sitting US president, operating through layered corporate structures across UAE, Cayman Islands, and Delaware jurisdictions with minimal US regulatory disclosure.
MGX Fund Management Limited is an Abu Dhabi-based technology and artificial intelligence investment vehicle established in March 2024 by G42 and Mubadala Investment Company, with a target of $100 billion in assets under management. 1 The entity is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE National Security Adviser and brother of UAE President Mohammed bin Zayed, who simultaneously chairs ADIA, ADQ, IHC, First Abu Dhabi Bank, and G42. 2 MGX's SEC Form ADV (CRD 334247) discloses an ownership chain running from the Government of the Emirate of Abu Dhabi through Mubadala, Mamoura Diversified Global Holding, and MIC Industrial Investment 2 RSC LTD, with a parallel chain through G42 Holding via GX Investments LTD. 3
Within its first two years of operation, MGX became a founding partner of the $500 billion Stargate AI infrastructure joint venture alongside OpenAI, SoftBank, and Oracle, contributing $7 billion 4; invested $2 billion in Binance settled via the World Liberty Financial USD1 stablecoin 5; acquired a 15% stake in the TikTok US restructuring alongside Oracle and Silver Lake 4; and participated in Anthropic's $30 billion Series G at a $380 billion valuation 4. A related entity, Aryam Investment 1, acquired 49% of World Liberty Financial for $500 million four days before the presidential inauguration in January 2025, with $187 million directed to Trump family entities. 6
MGX operates from Al Sarab Tower on Al Maryah Island in Abu Dhabi, with a US office at One Vanderbilt Avenue in New York through MGX Fund Management (US) LLC. 7 Its three disclosed private funds total approximately $2.42 billion in gross assets, audited by PwC and custodied at HSBC Bank Middle East Limited. 8 Analysis of congressional records indicates that Senate Banking Committee investigations led by Senators Warren and Merkley have examined the intersection of MGX's investment activity, the Trump family's financial interests in WLFI, and the administration's reversal of AI chip export restrictions to the UAE. 9
Ownership Structure and Governance
MGX Fund Management Limited was organized as a private company limited by shares under UAE law, registered with the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA). 7 Its SEC Form ADV, filed July 22, 2025, designates it as an exempt reporting adviser to private funds and a commodity pool operator. 7 The form discloses a two-chain ownership structure. The Mubadala chain runs: Government of the Emirate of Abu Dhabi (75%+) to Mubadala Investment Company PJSC (75%+) to Mamoura Diversified Global Holding PJSC (75%+) to MIC Industrial Investment 2 RSC LTD (50-75%) to MGX Group Holding 1 LTD. The G42 chain runs: Group 42 Holding LTD (75%+) to GX Investments LTD (50-75%) to MGX Group Holding 1 LTD. 3 MGX Group Holding 1 LTD in turn holds 75% or more of MGX Fund Management Limited. 3 Confidential treatment was requested for additional Schedule B ownership information under Section 210(A) of the Investment Advisers Act. 3
The board is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, with Khaldoon Khalifa Al Mubarak (CEO of the $330 billion Mubadala sovereign wealth fund and chairman of Manchester City FC) serving as Vice Chairman. 2 Board members include Jassem Al Zaabi (Chairman of the Abu Dhabi Department of Finance, Vice President of the UAE Central Bank), Peng Xiao (CEO of G42, formerly CTO of MicroStrategy), and Martin Edelman (General Counsel of G42, Of Counsel at Paul Hastings LLP). 2 The executive team includes CEO Ahmed Yahia Al Idrissi (formerly of McKinsey and Mubadala Private Equity), COO/CFO Dani Dweik (formerly of Mubadala and McKinsey), and Chief Legal Officer Andre Namphy (formerly of Sullivan & Cromwell, a Rhodes Scholar). 10
The Form ADV Section 7.A discloses 12 related financial entities in the MGX network, including general partners for funds focused on AI infrastructure (MGX AI Regional Infra GP 1, MGX AI Global Infra GP 1), semiconductors (MGX Semis GP 1), and AI technology (MGX AI Tech GP 1). 11 Review of state filings shows that the US subsidiary, MGX Fund Management (US) LLC, is registered with the New York Department of State (DOS 7412102) as a foreign LLC from Delaware. 12 Three disclosed private funds total approximately $2.42 billion in gross assets: MGX Fund I LP ($1.43 billion, 4 beneficial owners, 84% owned by related persons), MGX I Co-Investment LP ($400 million, 1 beneficial owner, 100% related persons), and MGX I Denali Holding LP ($594 million, Cayman Islands domicile, 4 beneficial owners). 8 All funds are audited by PwC, custodied at HSBC Bank Middle East Limited in Dubai, and administered by Apex Fund Services. 8
MGX
Investment Portfolio and Strategic Deals
MGX's investment activity since 2024 has concentrated on the largest technology infrastructure transactions of the period. On January 21, 2025, President Trump announced the Stargate Project, a $500 billion AI infrastructure joint venture with OpenAI, SoftBank, and Oracle, in which MGX committed $7 billion for an approximately 10% ownership stake alongside SoftBank's 40%. 4 In May 2025, a Stargate UAE facility with 1 gigawatt capacity was announced. 4 According to reporting and financial records, MGX participated in OpenAI's $6.6 billion funding round in October 2025 at a $500 billion valuation and was targeted for OpenAI's $50 billion Middle East expansion alongside the Saudi Public Investment Fund. 13 OpenAI CEO Sam Altman described Sheikh Tahnoon as a "dear personal friend." 13
In September 2024, MGX co-founded the AI Infrastructure Partnership with BlackRock and Microsoft as a $30 billion equity fund, with Nvidia providing technical expertise. 4 Through this consortium, MGX participated in the $40 billion acquisition of Aligned Data Centers in October 2025. 4 MGX also invested in Anthropic's $30 billion Series G in February 2026 at a $380 billion valuation, alongside Coatue Management, Founders Fund, and others. 4 Additional investments include Databricks ($10 billion round) and xAI ($6 billion round). 4
In December 2025, Trump approved the TikTok US restructuring, in which MGX, Oracle, and Silver Lake each acquired approximately 15% stakes in the new US entity controlling TikTok, Lemon8, and CapCut, with ByteDance retaining 19.9%. 4 The deal closed in January 2026. This placed an entity controlled by the UAE National Security Adviser in partial ownership of a social media platform used by approximately 170 million Americans. 4
Binance Investment and USD1 Stablecoin Settlement
According to financial reporting, in March 2025 MGX invested $2 billion in Binance, the largest cryptocurrency exchange by volume. 14 The investment was publicly described as the first institutional investment in Binance and the largest investment ever fully settled in cryptocurrency. 5 In May 2025, Zachary Witkoff, CEO of World Liberty Financial and son of Trump Special Envoy Steve Witkoff, disclosed at the Token2049 conference in Dubai that the settlement was conducted using WLFI's USD1 stablecoin. 5 The Warren-Merkley Senate investigation found that WLFI confirmed MGX and Binance would have used foreign fiat currency if USD1 had been unavailable, indicating that the Trump family was incorporated into a transaction that otherwise would not have involved them. 5
As of February 2026, Binance held approximately 87% of all USD1 in circulation, valued at approximately $4.7 billion. 15 Bloomberg and the Wall Street Journal reported that Binance assisted in building the USD1 technology. 14 Analysis of the financial structure identifies a circular flow: Tahnoon's Aryam Investment 1 pays $500 million for 49% of WLFI, generating $187 million for the Trump family; Tahnoon's MGX invests $2 billion in Binance using WLFI's USD1, generating demand for the stablecoin; Binance becomes the primary custodian of USD1 supply; and Trump pardons Binance founder Changpeng Zhao in October 2025. 14 According to the Warren-Merkley investigation, the reserves backing USD1 could generate a potential $80 million annual yield to Trump entities. 5
On February 23, 2026, WLFI reported a coordinated attack involving compromised co-founder accounts, short positions on the WLFI token, and a paid disinformation campaign. 15 The WLFI token dropped approximately 7% and USD1 briefly lost its dollar peg at $0.994 before recovering. 15 The concentration of 87% of USD1 at Binance means that the GENIUS Act's stablecoin regulatory framework, signed by Trump in July 2025, primarily protects Binance's USD1 custody position rather than a distributed market of holders. 15
AI Chip Export Policy and Congressional Scrutiny
Analysis of MGX's investment portfolio indicates that all of its AI infrastructure investments depend on continued US willingness to export advanced AI chips to the UAE, making chip export policy the central leverage point in the MGX-US relationship. 13 The timeline of policy changes is as follows: in April 2024, Microsoft invested $1.5 billion in G42, with Brad Smith joining the G42 board and G42 agreeing to use Azure infrastructure. 16 In December 2024, the US cleared advanced AI chip exports to the UAE under the Microsoft arrangement. In March 2025, Sheikh Tahnoon visited Washington to discuss AI-government integration with the Trump administration. In May 2025, Trump signed an agreement with G42 for the largest AI campus outside the United States. 16 In November 2025, the Trump administration approved chip exports to the UAE and Saudi Arabia, with G42 cleared for up to 35,000 Nvidia GB300 systems. 16
Senators Elizabeth Warren and Jeff Merkley sent letters to MGX and Binance CEOs on May 14, 2025, demanding document preservation and records on whether Trump or WLFI affiliates influenced the selection of USD1 for the Binance settlement. 9 According to congressional records, by February 2026 the investigation had expanded: Warren called for reversal of UAE chip sales citing "Spy Sheikh" revelations, Senator Chris Murphy described the arrangement as "mind-blowing corruption," and Representative Ro Khanna stated that UAE officials lobbied the Trump administration to lessen export controls while simultaneously purchasing a stake in the president's family business. 17 According to Forbes, analysis of the transaction described the Aryam-WLFI deal as a "sweetheart deal" that "made no financial sense for the Emiratis," implying that the premium paid was for political access. 9 According to reporting, Democrats have conditioned further stablecoin legislation on prohibiting senior government officials from holding significant crypto business interests. 9
Review of FARA records shows that no registration exists for MGX, Aryam Investment 1, G42, or any entity directly associated with the Tahnoon-WLFI transaction. 18 Review of filings indicates the UAE has multiple FARA-registered agents through firms including Akin Gump, DLA Piper, and Fleishman-Hillard, but none cover the WLFI, cryptocurrency, or AI chip nexus. 18 Analysis of FARA enforcement history suggests the absence parallels the Tom Barrack case, in which Barrack was indicted for acting as an unregistered UAE foreign agent during 2016-2018, though he was acquitted at trial. 18 Records show that Elliott Broidy separately pleaded guilty to a FARA conspiracy for UAE and Saudi lobbying and was pardoned by Trump in January 2021. 19
Regulatory Footprint and Transparency Gaps
Despite conducting transactions exceeding $10 billion through US-connected entities, MGX maintains a minimal US regulatory presence. The fund has no GLEIF Legal Entity Identifier registration, which is standard for entities engaged in over-the-counter derivatives and major financial transactions under ESMA and SEC requirements. 20 It has no direct SEC CIK number and files only as an exempt reporting adviser through the Form ADV. 21 Review of records shows that no US state corporate registrations were found in Florida, Nevada, or New York beyond the Delaware-formed MGX Fund Management (US) LLC. 12 The Form ADV reports that all fund investors are non-US persons and that the entity did not have $1 billion or more in assets on its balance sheet, despite participating in transactions totaling multiples of that figure. 7
Infrastructure reconnaissance of the mgx.ae domain identified operational integrations with AI companies in which MGX holds investment positions. 22 Examination of domain verification records confirmed organizational-level relationships with OpenAI, Anthropic, and Cursor, among others. 22 Analysis of the digital infrastructure indicates it includes Cloudflare Enterprise DNS, Microsoft 365 email, developer tunnels for individual engineers, and SIT/UAT testing environments, suggesting that MGX maintains active technical operations rather than functioning solely as a passive investment vehicle. 23 Records indicate that physical infrastructure identifies a 16th-floor office at the Al Sarab Tower ADGM address. 22
Personnel and Cross-Jurisdictional Ties
MGX's leadership team reflects the convergence of Abu Dhabi sovereign wealth, US government experience, Israeli technology investment, and elite law firm backgrounds. Chief Strategy and Safety Officer David Scott served as NSC Director for Arabian Peninsula and North African Affairs at the White House from 2001 to 2002, followed by six years as Executive Director at the Abu Dhabi Executive Affairs Authority from 2006 to 2012. 2 He also sits on the boards of the UAE's Emirates Nuclear Energy Corporation and the US nuclear technology company TerraPower. 2 Chief Investment Officer for Advanced Technology Dr. Guy Harmelin is an Israeli national who previously led direct technology investment at Harel Insurance (Israel's largest insurer with $120 billion AUM) and co-founded BiomX (NYSE) and Ayala Pharma (NASDAQ). 2
Martin Edelman, who serves simultaneously as MGX board member, G42 General Counsel, and Of Counsel at Paul Hastings LLP, signed the Aryam Investment 1 agreement to acquire 49% of World Liberty Financial and subsequently joined the WLFI board without public disclosure. 24 Peng Xiao, CEO of G42 and MGX board member who chairs the Board Executive Committee, also co-signed the Aryam-WLFI agreement and took a WLFI board seat. 24 According to document records, Khaldoon Al Mubarak, MGX Vice Chairman and Mubadala CEO, previously interfaced with the Epstein network: a 2017 email 25 shows that MBZ delegated crypto and technology matters to Khaldoon via Mubadala, and analysis of the institutional architecture suggests the same structures now channel capital through MGX. 26
All Connections
22 total
All Connections
22 totalUSD1 stablecoin used to settle MGX's $2B investment in Binance. Creates financial dependency between Trump family crypto venture and Abu Dhabi sovereign fund.
Tahnoon chairs MGX; MGX is his AI-focused investment vehicle in Abu Dhabi
MGX invested $2B in Binance March 2025, settled using USD1 stablecoin
MGX participated in OpenAI $6.6B round (Oct 2025); targeted for $50B Middle East expansion; Altman called Tahnoon 'dear personal friend'
MGX is an Abu Dhabi tech investment vehicle backed by Mubadala sovereign wealth fund. MGX Fund Management (US) LLC is the US-registered entity.
Tahnoun connected to MGX through Mubadala/IHC investment vehicle structure. UAE National Security Advisor overseeing tech investment arm.
Both controlled by Tahnoon. MGX used WLFI USD1 stablecoin for 2B Binance investment. Shared management via G42 executives.
Chairman of MGX board. MGX co-founded by G42 and Mubadala in 2024, manages up to 100B in AI assets
MGX invested $2B in Binance using USD1 stablecoin; CZ pardoned 7 months later
G42 is parent: G42 Holding 75%+ of GX Investments 50-75% of MGX Group Holding 1 LTD. MGX launched Mar 2024 targeting USD100B AUM.
Co-investors in Stargate LLC (SoftBank 40%, MGX 10%). Both participate in Stargate UAE with G42, Nvidia, Oracle, OpenAI, Cisco. MGX launched by Mubadala/G42 in 2024 with $100B AUM target. MGX also invested in OpenAI secondary sale. Both funded by Middle East sovereign wealth.
Tahnoon is Chairman of MGX board. Also chairs ADIA, ADQ, IHC, FAB, G42. UAE National Security Advisor and Deputy Ruler of Abu Dhabi. Controls MGX through both Mubadala chain and G42 chain per Schedule B.
Mubadala (330B SWF) is indirect owner of MGX via chain: Government of Abu Dhabi -> Mubadala -> Mamoura Diversified Global Holding -> MIC Industrial Investment 2 RSC LTD -> MGX Group Holding 1 LTD -> MGX Fund Management Limited. Mubadala holds 75%+ at each level.
MGX board member. Also General Counsel of G42, Of Counsel at Paul Hastings LLP. Signed the Aryam Investment 1 agreement to purchase 49% of World Liberty Financial. Joined WLF board without public disclosure. Key Tahnoon adviser since 2002.
G42 is indirect owner of MGX via chain: Group 42 Holding LTD -> GX Investments LTD -> MGX Group Holding 1 LTD. G42 holds 75%+ of GX Investments, which holds 50-75% of MGX Group Holding 1. Peng Xiao (G42 CEO) sits on MGX board.
MGX board member, Chairman of Board Executive Committee and Nomination & Remuneration Committee. CEO of G42 (co-founder of MGX). Previously CTO of MicroStrategy. Signed Aryam-WLF deal and joined WLF board.
MGX is founding partner of Stargate Project (Jan 2025, 500B AI infrastructure JV) alongside OpenAI, SoftBank, Oracle. MGX contributed 7B. Also participant in Anthropic 30B Series G (Feb 2026). Stargate UAE 1GW data center announced May 2025.
Chief Investment Officer, Advanced Technology at MGX. Israeli national. Previously senior adviser to CEO of G42. Led direct tech investment at Harel Insurance (120B AUM, largest Israeli insurer). Co-founded RondinX (merged with BiomX NYSE 2019) and Ayala Pharma (NASDAQ 2021). MD from University of Florence. Israeli intelligence/tech nexus connection.
Chief Strategy and Safety Officer at MGX. Former NSC Director for Arabian Peninsula and North African Affairs (2001-2002, White House). Former US Foreign Service Officer and Army veteran. Former Executive Director at Abu Dhabi Executive Affairs Authority (2006-2012). Board of UAE ENEC and US TerraPower. Deep US-UAE revolving door.
MGX holds 15% stake in TikTok USDS JV alongside Oracle 15% and Silver Lake 15%. Deal signed Dec 2025, closed Jan 2026. JV controls US TikTok, Lemon8, and CapCut. ByteDance retains 19.9%.
Chief Legal Officer since 01/2025 (Schedule A CRD 8042514). Previously General Counsel Direct Investments at Mubadala. Before that, Sullivan & Cromwell LLP in New York and Hong Kong. Rhodes Scholar (Oxford), Harvard BA, Yale Law JD.
HSBC Bank Middle East Limited (Dubai) serves as custodian for all three MGX private funds. LEI: 549300F99IL9YJDWH369.
All Findings
26 total
All Findings
26 totalfinancial (11)
MGX is an Abu Dhabi-based technology and AI-focused investment entity chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of UAE President Mohammed bin Zayed (MBZ) and UAE National Security Adviser. MGX launched in March 2024, positions itself as an AI-focused investment vehicle. It is NOT a traditional sovereign wealth fund like ADIA or Mubadala, but is state-backed through Tahnoon's government roles. MGX participated in OpenAI's $6.6B funding round (Oct 2025, $500B valuation), invested $2B in Binance (March 2025), and is targeted for OpenAI's $50B Middle East expansion alongside Saudi PIF.
MGX launched March 2024 as Abu Dhabi tech investment entity. Chaired by Sheikh Tahnoon bin Zayed Al Nahyan (b. Dec 4, 1968, Abu Dhabi). Tahnoon is brother of UAE President MBZ, serves as UAE National Security Adviser. Also connected to G42 (Abu Dhabi AI company). MGX is distinct from ADIA and Mubadala but operates within Tahnoon's constellation of state-backed tech/AI entities. Key investments: $2B Binance (March 2025), OpenAI $6.6B round (Oct 2025), targeted for OpenAI $50B Middle East expansion. MGX also backed the UAE's first international Stargate AI facility (launched May 2025 with Sam Altman). Not a regulated financial institution — no GLEIF LEI registration, no EDGAR filings, no FARA registration.
Aryam Investment 1, an Abu Dhabi entity backed by Sheikh Tahnoon bin Zayed, purchased a 49% stake in World Liberty Financial for $500M in January 2025, days before Trump's inauguration. Eric Trump signed the agreement. $250M paid upfront, with $187M directed to Trump family entities. G42 executives (from Tahnoon's AI company) took WLFI board seats. Deal remained undisclosed for over a year until WSJ reported it Feb 1, 2026.
Investment vehicle: Aryam Investment 1 (Abu Dhabi). Backer: Sheikh Tahnoon bin Zayed Al Nahyan. Target: World Liberty Financial (WLFI). Stake: 49%. Price: $500M total. Payment: $250M upfront, remainder deferred. Cash flow: $187M directed to Trump family entities, additional tens of millions to co-founder-linked entities (Witkoff family). Signatory: Eric Trump executed the agreement. Timing: January 2025, days before Trump's second inauguration Jan 20, 2025. Board changes: G42 executives (Tahnoon's AI company) took WLFI board seats. Disclosure: deal kept secret for over a year, reported by WSJ Feb 1, 2026. No EDGAR filings for Aryam Investment. No GLEIF LEI. No FARA registration for any party. Revenue structure per existing findings: Trump family (DT Marks DEFI LLC) receives 75% of WLFI net revenue.
MGX invested $2B in Binance in March 2025, settlement conducted using USD1 (WLFI stablecoin). Zach Witkoff (WLFI CEO, son of Trump Special Envoy Steve Witkoff) announced this at Dubai crypto conference May 2025. Binance holds approximately 87% of all USD1 in circulation ($4.7B). Bloomberg/WSJ reported Binance helped create USD1. The settlement created a circular flow: UAE sovereign capital -> Binance -> denominated in Trump family stablecoin.
MGX $2B Binance investment announced March 12, 2025. Settlement currency: USD1 (World Liberty Financial stablecoin, contract 0x8d0d000ee44948fc98c9b98a4fa4921476f08b0d). Announced by Zach Witkoff at Dubai crypto conference May 2025. Binance holds ~87% of USD1 supply (~$4.7B as of Feb 2026). Bloomberg and WSJ reported Binance helped create USD1. This creates a financial loop: (1) Tahnoon's Aryam Investment 1 buys 49% of WLFI for $500M -> Trump family gets $187M+; (2) Tahnoon's MGX invests $2B in Binance using WLFI's USD1 -> generates demand/legitimacy for USD1; (3) Binance holds 87% of USD1 supply -> Binance becomes USD1's primary use case; (4) Trump pardons CZ Oct 23, 2025 -> Binance regulatory normalization. The USD1 settlement was not economically necessary — it served to create a flagship use case for WLFI's stablecoin and link it to a major institutional transaction.
MGX broader investment portfolio reveals pattern of politically significant technology investments: (1) $2B Binance (March 2025, via USD1); (2) OpenAI $6.6B round participation (Oct 2025, $500B valuation); (3) Target of OpenAI $50B Middle East expansion with Saudi PIF; (4) UAE's first international Stargate AI facility (May 2025, with Sam Altman). All investments position UAE as critical node in global AI infrastructure, contingent on US chip export policy. Altman described Tahnoon as 'dear personal friend.'
MGX investment portfolio positions Abu Dhabi at center of global AI infrastructure buildout. Key investments: (1) Binance $2B (March 2025) — crypto exchange integration; (2) OpenAI $6.6B round (Oct 2025) — AI model development; (3) OpenAI $50B Middle East expansion target — data center infrastructure; (4) UAE Stargate AI facility (May 2025) — compute infrastructure. Sam Altman called Tahnoon a 'dear personal friend.' MGX also participated in OpenAI's conversion from nonprofit to public benefit corporation. All of these investments depend on continued US willingness to export advanced AI chips (Nvidia H100/B200) to UAE, making chip export policy the leverage point. Abu Dhabi Investment Council separately holds Bitcoin ETF positions. The convergence of sovereign wealth, AI infrastructure, crypto, and chip access creates multiple vectors of influence over US policy.
USD1 stablecoin under coordinated attack Feb 23, 2026: WLFI reported hacked cofounder accounts, massive short positions on WLFI token, and paid FUD campaign. WLFI token dropped ~7% to $0.1128; USD1 briefly lost peg at $0.994 before recovering to $0.999+. Binance holds 87% of USD1 supply (~$4.7B). The attack/recovery demonstrated USD1's dependence on Binance as custodian/market maker, further exposing the circular relationship between WLFI, Binance, and Abu Dhabi sovereign capital.
Feb 23, 2026 attack: Three-pronged per WLFI statement: (1) hacked cofounder accounts; (2) massive shorts on WLFI token; (3) paid influencer FUD campaign. WLFI token: dropped ~7% to $0.1128. USD1: briefly $0.994 (lost dollar peg), recovered to $0.999+. Key metric: Binance holds 87% of USD1 supply (~$4.7B). This concentration means: (a) USD1 is effectively a Binance-dependent stablecoin, not independently distributed; (b) The MGX $2B settlement via USD1 was the foundational use case; (c) If Binance were to exit USD1, the stablecoin would face existential crisis. The 87% concentration also means the GENIUS Act's regulatory framework for stablecoins — which Trump signed July 2025 — primarily protects Binance's USD1 custody, not diverse market participants.
MGX: Abu Dhabi B AI Fund - Structure and Leadership
MGX Fund Management Limited established 2024 by Abu Dhabi government. Founding partners: Mubadala (sovereign wealth fund) and G42 (AI company). Chairman: Sheikh Tahnoon bin Zayed Al Nahyan. Vice Chairman: Khaldoon Khalifa Al Mubarak. Board members: Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao (G42 CEO), Martin Edelman (G42 General Counsel/Paul Hastings). CEO: Ahmed Yahia Al Idrissi. Target: $100B AUM. Focus: AI infrastructure, semiconductors, AI core technologies.
MGX invested B in Binance (Mar 2025), settled via WLFI USD1 stablecoin (announced May 2025)
MGX announced $2B investment in Binance in March 2025 - first institutional investment in Binance, largest-ever investment fully settled in crypto. Settlement currency (WLFI USD1 stablecoin) disclosed May 2025 by Eric Trump at Token2049 in Dubai. Warren/Merkley investigation found WLF confirmed MGX/Binance would have used foreign fiat if USD1 unavailable - meaning Trump was 'cut into' deal that otherwise wouldn't benefit him. Binance assisted in building USD1 technology. Potential $80M annual yield to Trump entities from reserves backing USD1.
MGX is founding partner of Stargate (B AI infra JV) and TikTok US restructuring consortium
MGX is deeply embedded in Trump admin's major tech deals: (1) STARGATE - Jan 21, 2025: Trump announces $500B AI infrastructure JV with OpenAI, SoftBank, Oracle, MGX. MGX committed $7B alongside SoftBank ($19B), OpenAI ($19B), Oracle ($7B). (2) TIKTOK - Sep 25, 2025: Trump approved TikTok US restructuring with Oracle, Silver Lake, MGX collectively holding ~45% of new US entity. (3) ALIGNED DATA CENTERS - Oct 2025: MGX + BlackRock GIP consortium acquired Aligned Data Centers for $40B. (4) Other investments: Databricks ($10B round), xAI ($6B round), Anthropic.
Form ADV discloses 3 private funds totaling approximately 2.42 billion dollars. Fund 1: MGX FUND I LP (805-6340114822, UAE, PE fund, gross assets 1,430,649,063, 4 beneficial owners, 84% owned by related persons, 100% non-US, min investment 500M, GP: MGX FUND GP 1 RSC LTD). Fund 2: MGX I CO-INVESTMENT LP (805-2883630412, UAE, PE fund, gross assets 399,999,970, 1 beneficial owner, 100% related persons, 100% non-US, min investment 50M, GP: MGX GP 4 RSC LTD). Fund 3: MGX I DENALI HOLDING LP (805-8026097124, Cayman Islands, PE fund, gross assets 594,153,434, 4 beneficial owners, 84% related persons, 100% non-US, min investment 0, GP: MGX I DENALI GP LTD). All funds audited by PwC, custodied at HSBC Bank Middle East Limited (Dubai), administered by Apex Fund Services (AD) Limited.
MGX-Binance-USD1-WLFI conflict nexus: In May 2025, MGX used USD1 stablecoin (issued by World Liberty Financial, Trump family crypto venture) to settle a 2 billion dollar investment in Binance. WLF confirmed MGX/Binance would have used foreign fiat currency if USD1 unavailable - meaning Trump was cut into a deal that otherwise would not have benefited him. Senators Warren and Merkley sent letters to MGX and Binance CEOs demanding document preservation and answers on whether Trump/WLF affiliates influenced the USD1 selection. Separately, Aryam Investment 1 (Tahnoon entity) bought 49% of WLF for 500M in Jan 2025, with 187M flowing to Trump family entities. Martin Edelman (G42 General Counsel, MGX board member) and Peng Xiao (G42 CEO, MGX board member) signed the Aryam-WLF deal and joined WLF board without public disclosure.
MGX major investment portfolio (2024-2026): (1) Stargate Project (Jan 2025): 500B AI infrastructure JV with OpenAI, SoftBank, Oracle - MGX contributed 7B for ownership stake, announced by Trump at White House; (2) Binance 2B investment (Mar 2025) settled via USD1 stablecoin; (3) AI Infrastructure Partnership (AIP, Sep 2024): 30B equity fund with BlackRock, Microsoft, Nvidia; (4) Aligned Data Centers 40B acquisition (Oct 2025) via AIP/MGX/BlackRock GIP consortium; (5) TikTok USDS Joint Venture (Dec 2025): 15% stake alongside Oracle 15%, Silver Lake 15% in 50% new investor block controlling US TikTok; (6) Anthropic 30B Series G (Feb 2026): co-led funding at 380B valuation; (7) Aryam Investment 1 (Tahnoon entity) 500M for 49% of World Liberty Financial (Jan 2025). Stargate UAE: 1GW data center announced May 2025.
relationship (1)
Form ADV Section 7.A reveals 11 related financial entities in the MGX network, all controlled by and under common control with MGX Fund Management Limited: (1) MGX MC GP LTD - sponsor/syndicator of LPs; (2) MGX SLP GP LTD - sponsor/syndicator of LPs; (3) MGX SC GP LTD - sponsor/syndicator of LPs; (4) MGX FUND MANAGEMENT (US) LLC - other investment adviser, exempt under NY GBS 359-EEE(1)(A)(5), shares physical location; (5) MGX AI REGIONAL INFRA GP 1 RSC LTD - sponsor/GP of pooled investment vehicles; (6) MGX AI TECH GP 1 RSC LTD - sponsor/GP of pooled investment vehicles; (7) MGX I DENALI GP LTD - sponsor/GP of pooled investment vehicles; (8) MGX GP 4 RSC LTD - sponsor/GP of pooled investment vehicles; (9) MGX 1 CO-INVEST GP 1 RSC LTD - sponsor/GP of pooled investment vehicles; (10) MGX SEMIS GP 1 RSC LTD - sponsor/GP of pooled investment vehicles; (11) MGX FUND GP 1 RSC LTD - sponsor/GP of pooled investment vehicles; (12) MGX AI GLOBAL INFRA GP 1 RSC LTD - sponsor/GP of pooled investment vehicles.
legal (5)
FARA/lobbying gap: No FARA registration exists for MGX, Aryam Investment 1, G42, or any entity directly associated with the Tahnoon-WLFI transaction. UAE has multiple FARA-registered agents (Akin Gump/Bullpen Strategy Group, DLA Piper, Fleishman-Hillard for UAE entities), but none specifically for MGX's dealings with Trump-connected businesses. The UAE Ministry of Investment is represented by theGroup DC LLC (reg Dec 2025). No Steve Witkoff or Zach Witkoff FARA registrations. This parallels the Tom Barrack pattern — unregistered foreign agent activity on behalf of UAE.
FARA search results: MGX — zero results. Tahnoon — zero results. Witkoff — zero results. Aryam — zero (not searched but no entity). Mubadala — zero results. UAE FARA-registered agents: Fleishman-Hillard (UAE Govt Media Office, terminated 2024), DLA Piper (UAE Embassy, terminated 2018), Akin Gump/Bullpen Strategy (UAE Embassy, 2017), theGroup DC (UAE Ministry of Investment, active Dec 2025), Miller Strategies (Emirates Global Aluminium, active Dec 2025), Burson Group (UAE Climate Envoy, terminated 2022), Camstoll Group (Outlook Energy/Abu Dhabi, 2012), Stryk Global Diplomacy (Chessworth DMCC Dubai, Dec 2024). None of these registrations cover the WLFI/crypto/AI chip nexus. The Barrack precedent (finding #2803): Barrack was indicted for unregistered UAE foreign agent activity 2016-2018 but acquitted. If anyone acted as conduit between UAE investment interests and Trump policy decisions regarding chip exports, FARA would apply.
EDGAR/SEC: No US securities filings for MGX (Abu Dhabi), Aryam Investment 1, or G42. EDGAR search for 'MGX' returns only Metagenomi Inc (ticker MGX, CIK 0001785279, biotech, Emeryville CA). Search for 'Aryam Investment' returns zero results. Search for 'MGX Group' returns zero. This confirms MGX operates entirely outside US securities regulation despite investing $2B through USD1 and its affiliate acquiring 49% of a US company (WLFI is a Delaware corporation).
EDGAR full-text search results: 'MGX' — 813 hits, all for Metagenomi Inc (CIK 0001785279, SIC 2836, CA). 'Aryam Investment' — zero hits. 'MGX Group' — zero hits. 'World Liberty Financial' — some hits (existing WLFI Form D filings). The absence of any MGX or Aryam filings means: (1) No beneficial ownership disclosure in US; (2) No Schedule 13D (>5% ownership of public company) — WLFI is private; (3) No investment adviser registration; (4) No broker-dealer registration. However, WLFI itself filed Form D (CIK 0002043140) disclosing a $300M offering with 97.3% to insiders per finding #3695. The Aryam 49% stake was apparently structured to avoid US filing requirements.
GLEIF: No LEI registration for MGX (Abu Dhabi), Aryam Investment 1, or any Tahnoon-associated entity. 12 GLEIF results for 'MGX' are all unrelated entities (US, Sweden, Netherlands, Brazil, India). 4 results for 'Aryam' are unrelated (Australia, India). Absence of LEI means MGX is not registered in the global legal entity identifier system used by financial regulators worldwide, despite conducting $2B+ transactions.
GLEIF search 'MGX': 12 results, none Abu Dhabi. Entities found: MGX Inc (US-DE, Fenton MO), MGX AB (Sweden), MGX Holding BV (Netherlands), MGX Capital BV (Netherlands), MGX Group BV (Netherlands), MGX Minerals Inc (Canada), MGX Holdings Inc (US-MO), MGX Renewables Inc (Canada), others in Belgium, India, Brazil. GLEIF search 'Aryam': 4 results (Australia, India x2, India). Zero Abu Dhabi entities. LEI registration is standard for entities involved in OTC derivatives, securities trading, and major financial transactions per ESMA/SEC requirements. The absence suggests MGX structures transactions to avoid regulated financial infrastructure.
Warren/Merkley Senate Banking inquiry status: Original May 14, 2025 letter demanded WLFI records on UAE/Binance communications. By Feb 2026, the investigation has expanded: Warren called for reversal of UAE chip sales after 'Spy Sheikh' revelations (CNBC Feb 5, 2026). Forbes analysis (Feb 2, 2026) described the UAE deal as 'sweetheart deal' that made 'no financial sense for the Emiratis' — implying the premium paid was for political access. Democratic conditions for crypto legislation now include prohibiting senior government officials from significant crypto business interests.
Congressional investigation timeline: (1) May 14, 2025: Sens. Warren and Merkley send letter to WLFI demanding records on UAE/Binance communications; (2) Feb 1, 2026: WSJ breaks story of Aryam Investment 1 / $500M / 49% stake; (3) Feb 2, 2026: Massive media coverage — Guardian, Forbes, NYPost, DailyMail, etc.; (4) Feb 5, 2026: Warren calls for reversal of UAE chip sales (CNBC); Rep. Khanna calls for investigation on Democracy Now; (5) Feb 2026 ongoing: Democrats conditioning stablecoin legislation progress on prohibition of senior government officials holding significant crypto business interests (per CoinDesk Feb 19, 2026). Forbes analysis specifically questioned why UAE paid $500M for 49% of a company where 97.3% of proceeds went to insiders — no rational economic justification except political access. The GENIUS Act (signed July 2025) is now law but its market structure companion legislation is stalled over these conflict-of-interest concerns.
No Abu Dhabi-linked MGX entities found in US state corporate registries (FL, NV, NY domestic), only US-based businesses with coincidental MGX names
Comprehensive search of FL Sunbiz (14 results), NV SOS (4 results), and NY DOS (45 results) for 'MGX' returned only US-based small businesses unrelated to the Abu Dhabi investment vehicle. The sole exception is MGX Fund Management (US) LLC (NY DOS 7412102), a foreign LLC from Delaware. The Abu Dhabi MGX itself has no SEC CIK number and no direct US corporate registration beyond the Delaware/NY fund management entity, suggesting it operates primarily through the Mubadala corporate umbrella for US-facing activities.
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Policy quid pro quo timeline: Jan 2025 Tahnoon's entity pays $500M for WLFI stake; March 2025 MGX invests $2B in Binance via USD1; within months Trump admin committed to granting UAE access to hundreds of thousands of advanced AI chips annually (reversing Biden-era restrictions). Sen. Warren called for reversal of chip sales after 'Spy Sheikh' revelations. Sen. Murphy called arrangement 'mind-blowing corruption.' Rep. Khanna: UAE officials lobbied Trump to lessen export controls while buying stake in his family's business.
Alleged quid pro quo pattern: (1) Pre-inauguration Jan 2025: Tahnoon/Aryam pays $500M for 49% WLFI -> $187M to Trump family; (2) Post-inauguration months: Trump admin reverses Biden restrictions, grants UAE access to hundreds of thousands of advanced Nvidia AI chips annually; (3) March 2025: MGX $2B Binance investment via USD1; (4) May 2025: UAE Stargate AI facility launched; (5) Oct 2025: Trump pardons CZ. Congressional responses: Sen. Elizabeth Warren called for reversal of UAE chip sales (CNBC, Feb 5, 2026). Sen. Chris Murphy: 'mind-blowing corruption' (Gizmodo, Feb 3, 2026). Rep. Ro Khanna: 'You have senior people at UAE buy a huge stake, 49% stake, in Trump's kids family business in cryptocurrency, and at the same time, you have these people from UAE lobbying Trump and his administration to lessen export controls and allow America to sell the most sensitive technology and chips to UAE' (Democracy Now, Feb 5, 2026). David Sacks (Trump AI adviser) praised UAE as 'great partner' at WEF Davos Jan 2026.
SYNTHESIS: Tahnoon-Trump-Binance nexus mirrors historical Epstein Gulf patterns. The Epstein investigation documented UAE back-channels through Sultan Bin Sulayem (DP World chairman, DPWORLD registered under FARA through firm employing Israeli intelligence operative Ari Ben-Menashe). Epstein connected UAE officials to Israeli establishment. Tom Barrack indicted as unregistered UAE foreign agent (acquitted). Elliott Broidy pled guilty to FARA conspiracy for UAE/Saudi lobbying, pardoned by Trump Jan 2021. The MGX-WLFI deal follows an established pattern: UAE sovereign capital flows to politically connected Americans in exchange for policy access, operating outside FARA registration.
Pattern analysis connecting MGX to broader investigation themes: (1) UAE-US influence operations have a documented history: Broidy (FARA guilty plea, Trump pardon), Barrack (FARA indictment, acquittal), Sulayem (FARA-registered through Ben-Menashe-connected firm); (2) Epstein served as UAE-Israel connector (Sulayem-Barak back-channel, finding #353); (3) The Tahnoon operation is structurally similar but uses crypto rather than real estate or political consulting as the intermediary vehicle; (4) The 'Spy Sheikh' alias for Tahnoon mirrors the intelligence tradecraft dimensions of Epstein's Gulf operations; (5) Binance's Abu Dhabi licensing (Dec 2025) parallels how Epstein-connected entities established regulatory footholds through personal relationships with rulers. The critical difference: the scale. Tahnoon's operation involves $500M (WLFI) + $2B (Binance) + OpenAI participation + hundreds of thousands of AI chips — an order of magnitude larger than documented Epstein-era Gulf influence operations. The convergence of sovereign wealth, AI infrastructure, crypto, and chip policy creates a multi-vector influence architecture that dwarfs historical precedents in this investigation.
SYNTHESIS: MGX INFRASTRUCTURE RECON reveals operational integration with leading AI labs. Domain verification records at mgx.ae confirm organizational relationships with OpenAI, Anthropic, Cursor, Linear, and other AI companies. 22 subdomains identified across 206 SSL certificate entries. Internal infrastructure includes developer tunnels for 10+ engineers, SIT/UAT environments, Clerk auth integration. Cloudflare Enterprise DNS, Microsoft 365 email. Physical infrastructure suggests 16th floor Abu Dhabi office. This confirms MGX is not merely an investment vehicle but is operationally embedded with the AI companies it invests in — OpenAI (Stargate partner), Anthropic (investor), and others.
CROSS-THREAD: EPSTEIN-ERA ABU DHABI PIPELINE TO MGX CONTINUITY. EFTA02586299 (Oct 2017) shows MBZ delegated crypto/tech to Khaldoon Al Mubarak via Mubadala — same principals now behind MGX. Ian Osborne sat on Mubadala board while coordinating with Epstein. David Stern continued Mubadala meetings through Dec 2018. Continuity table: Khaldoon Al Mubarak was Mubadala CEO in Epstein era, now MGX Vice Chair. G42 grew from DarkMatter surveillance infrastructure. Same Abu Dhabi institutional architecture that interfaced with Epstein network now channels 2.5B+ into Trump family ventures. This is not a new relationship — it is the evolution of an existing sovereign influence pipeline.
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MGX infrastructure recon: Cloudflare Enterprise DNS, Microsoft 365, OpenAI/Anthropic/Cursor domain verifications
MGX.ae domain analysis via Shodan/crt.sh reveals: (1) Cloudflare Enterprise DNS (FoundationDNS), IPs 104.18.24.16/104.18.25.16. (2) Microsoft 365 email (mgx-ae.mail.protection.outlook.com). (3) Domain verification records for: OpenAI, Anthropic, Cursor (AI coding), Linear (project mgmt), Notion, Cisco, Jamf (Apple device mgmt), Rippling (HR), DocuSign, Google, Apple, GlobalSign. (4) Developer tunnels named after individuals: adam, andy, ay, filip, guy, hh, magix, pietro, tob, yang. (5) speak.mgx.ae subdomain with Clerk authentication. (6) SIT and UAT environments. (7) Physical device: mgx-16f-mdf-a128-vg at 83.111.88.17 (likely office network equipment, 16th floor). (8) DMARC reports sent to [email protected].
Form ADV Schedule A - Direct Owners and Executive Officers: (1) Ahmed Mohammed Ahmed Yahia (CEO, CRD 8037979, individual, 10/2024, control person); (2) Dani Dweik (CFO/COO, CRD 8037986, 10/2024); (3) Ngoc Kieu Truong (General Counsel, CRD 8037989, 10/2024); (4) Yen Li Chen (Chief Compliance Officer, CRD 8037991, 10/2024); (5) MGX GROUP HOLDING 1 LTD (foreign entity, direct shareholder, 04/2024, ownership code E = 75%+, control person); (6) Andre Christophe Namphy (Chief Legal Officer, CRD 8042514, 01/2025). Form signed by DANI DWEIK as Chief Operating Officer on 07/22/2025.
Form ADV Schedule B - Indirect Ownership Chain (sovereign wealth to MGX). Chain: (1) MIC INDUSTRIAL INVESTMENT 2 RSC LTD is shareholder of MGX GROUP HOLDING 1 LTD (ownership D=50-75%, 06/2024, control person); (2) MAMOURA DIVERSIFIED GLOBAL HOLDING P.J.S.C is shareholder of MIC INDUSTRIAL INVESTMENT 2 RSC LTD (ownership E=75%+, 05/2024, control person); (3) MUBADALA INVESTMENT COMPANY PJSC is shareholder of MAMOURA DIVERSIFIED GLOBAL HOLDING P.J.S.C (ownership E=75%+, 01/2017, control person); (4) GOVERNMENT OF THE EMIRATE OF ABU DHABI is shareholder of MUBADALA INVESTMENT COMPANY PJSC (ownership E=75%+, 01/2017, control person). Secondary chain: (5) GX INVESTMENTS LTD is shareholder of MGX GROUP HOLDING 1 LTD (ownership D=50-75%, 04/2024, control person); (6) GROUP 42 HOLDING LTD is shareholder of GX INVESTMENTS LTD (ownership E=75%+, 04/2024, control person). CONFIDENTIAL TREATMENT requested for additional Schedule B information under Advisers Act Section 210(A).
MGX leadership team from official website and ADGM register: BOARD: Sheikh Tahnoon bin Zayed Al Nahyan (Chairman, also chairs ADIA, ADQ, IHC, FAB, G42); Khaldoon Khalifa Al Mubarak (Vice Chairman, CEO of Mubadala 330B SWF, Chairman Manchester City); Jassem Al Zaabi (Board, Chairman Dept of Finance Abu Dhabi, VP UAE Central Bank); Peng Xiao (Board, CEO of G42, ex-CTO MicroStrategy); Martin Edelman (Board, General Counsel G42, Of Counsel Paul Hastings LLP, 50+ years legal experience); Ahmed Yahia Al Idrissi (MD/CEO, ex-McKinsey, ex-Mubadala PE CEO). EXECUTIVES: Danny Dweik (COO/CFO, ex-Mubadala, ex-McKinsey, Harvard MPA); Ali Osman (CIO AI, ex-Mubadala 10B+ portfolio); Dr. Guy Harmelin (CIO Advanced Tech, Israeli, ex-Harel Insurance Israel, co-founder RondinX/BiomX NYSE, co-founder Ayala Pharma NASDAQ, MD from U of Florence); Omar Alismail (CIO Semis & Infra, ex-Mubadala, co-led GlobalFoundries IPO); Andre Namphy (CLO, ex-Sullivan & Cromwell, Rhodes Scholar, Harvard/Oxford/Yale Law); David Scott (Chief Strategy & Safety, ex-NSC Director Arabian Peninsula, ex-US Foreign Service, ex-Army, also on ENEC and TerraPower boards); Laila Saif (CPO). ADGM licensed directors: Ahmed Mohammed Ahmed Yahia, Martin Lee Edelman, Peng Xiao. Compliance Officer: Chen Yen Li ([email protected]).
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MGX Fund Management Limited SEC Form ADV (CRD 334247, SEC 802-132153) filed 7/22/2025. Exempt reporting adviser to private funds. Organized as private company limited by shares under UAE law. Principal office: 16 Floor Al Sarab Tower, ADGM Square, Al Maryah Island, Abu Dhabi. US office at One Vanderbilt Avenue 51st Floor, NY 10017 (MGX Fund Management (US) LLC). Registered with ADGM FSRA. Commodity pool operator. Fiscal year: December. Item 1.O: Did NOT have billion or more in assets on balance sheet. Private fund assets managed at US place of business: /bin/zsh.
- 1.Finding #3831
- 2.Finding #4006
- 3.Finding #3997
- 4.Finding #4009
- 5.Finding #3837
- 6.Finding #3757
- 7.Finding #3991
- 8.Finding #3994
- 9.Finding #3790
- 10.Finding #3996
- 11.Finding #4000
- 12.Finding #3818
- 13.Finding #3771
- 14.Finding #3762
- 15.Finding #3779
- 16.Finding #3845
- 17.Finding #3768
- 18.Finding #3774
- 19.Finding #3801
- 20.Finding #3786
- 21.Finding #3783
- 22.Finding #3852
- 23.Finding #3861
- 24.Finding #4002
- 25.EFTA02586299
- 26.Finding #3863