Former Trump Treasury Secretary Set Bid To Acquire TikTok App

In a bid to maintain American control over the popular video-sharing app TikTok, former United States Treasury Secretary Steve Mnuchin has pledged to assemble a consortium of investors to purchase the platform.

Mnuchin, speaking on CNBC’s Squawk Box, emphasized the necessity of American ownership of TikTok amid national security concerns.

“It’s a great business, and I’m going to put together a group to buy TikTok,” Mnuchin asserted. “This should be owned by US businesses. There’s no way that the Chinese would ever let a US company own something like this in China.”

The announcement follows the recent passage of a bill by the House of Representatives aiming to compel ByteDance, TikTok’s China-based parent company, to divest its US operations. The bill reflects growing apprehensions within the US government regarding potential security risks associated with Chinese-owned technology platforms.

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Despite Mnuchin’s intentions, ByteDance has yet to indicate any willingness to sell TikTok. Mnuchin did not disclose specifics regarding his plans or potential investors involved in the acquisition bid.

This move echoes previous efforts to transfer ownership of TikTok to American entities. In 2020, then-President Donald Trump expressed support for a proposed deal involving Oracle and Walmart, which would have established a US-based enterprise to oversee TikTok’s operations.

Mnuchin’s initiative underscores the ongoing debate surrounding the control and regulation of digital platforms, particularly those with significant user bases and potential security implications. As the Senate deliberates on the bill passed by the House, the future ownership of TikTok remains uncertain.

Experts suggest that Mnuchin’s endeavor could face significant challenges, including regulatory hurdles and potential opposition from ByteDance. However, Mnuchin’s commitment highlights the determination within certain quarters of the US government to safeguard national interests in the digital sphere.

The outcome of Mnuchin’s bid and the broader legislative efforts regarding TikTok will likely have far-reaching implications for the technology industry and international relations. For now, the fate of TikTok hangs in the balance, as stakeholders await further developments in this ongoing saga.