Former Trump Treasury Secretary Steven Mnuchin is spearheading an effort by American investors to acquire the Chinese company TikTok at the same time Congress is considering a new law that would require the social media giant to sever its ties with the country’s communist government.
According to CNBC, Mnuchin is in the process of forming an investor group to approach ByteDance, which owns TikTok, with an offer that would allow the popular app to remain available in the U.S. A sale would likely number in the hundreds of billions of dollars, as Pitchbook currently values the company at $220 billion.
Speaking about legislation passed by the U.S. House to restrict TikTok’s Chinese ownership, Mnuchin said he favors the move, adding lawmakers have an obligation to prevent TikTok from being abused by China’s government to mine and monitor Americans’ personal data.
“I think the legislation should pass and I think it should be sold,” Mnuchin said on CNBC’s “Squawk Box” Thursday.
“It’s a great business and I’m going to put together a group to buy TikTok.”
The bill is receiving widespread bipartisan support and does not fall neatly along the right-left schism.
President Joe Biden said he would sign the bill into law if it reaches his desk, and the Senate is now tasked with considering the present bill or amending it and sending it back to the House for further review.
“This should be owned by U.S. businesses. There’s no way that the Chinese would ever let a U.S. company own something like this in China,” Mnuchin said.
WATCH:
Trump’s Treasury Secretary Steve Mnuchin says he’s putting together a group to buy TikTok
Later in the interview, he says he speaks with Trump regularly 👀 pic.twitter.com/FdUnlJkjps
— johnny maga (@_johnnymaga) March 14, 2024
By its own estimates, TikTok counts as many as 170 million users, providing China with a tremendous ability to influence the viewing habits of Americans, especially young voters. Chinese authorities have been cool to the idea of a forced sale, saying it’s not on the table and lawmakers are using “robber’s logic,” according to China Foreign Ministry spokesperson Wang Wenbin.
The reasoning is shared with other notable tech inventors and investors including Peter Thiel, Vinod Khosla, and Keith Rabois.
Mnuchin served as Treasury Secretary for most of President Donald Trump’s four-year term, during which time the administration took a mostly antagonistic approach toward TikTok and teased its own plans to crack down on the social media company. However, after speaking with a number of supporters, including some who have a stake in TikTok’s success, President Trump has come out against the new legislation, further complicating GOP efforts to strip TikTok of its overseas owners.
I saw the other day, that Kevin O’ Leary of Shark Tank also wants to buy TikTok. Like I said yesterday, the CCP doesn’t want to give up their spy app or cash cow. Raking too much dough to give up. China wouldn’t allow a US company to by a Chinese company, and yet China is buying up our stuff. Gotta stop.
Where is Elon when you need him?
Steve Menuchin is worthy. Don’t need Elon Musk to control another social media company. This might sound strange but we have to be wary of Musk. His Nuralink translates in the Greek gemaria calculator to 666 and thus to the Antichrist. This is information that’s been going around in certain circles about him. Call me crazy, but don’t shoot the messenger. On another note, Biden might not sign the bill if he knows Trump people are apt to buy it.
I would love it if whoever buys TikTok would remove President Biden’s page!!! He doesn’t need to be influencing vulnerable young people into voting for Democrats who lie all the time and never keep promises!!!
Typical arrogant America, this story is based on lies, see Rand Paul, TikTok is not owner by China, all data is based in the US. It is ok for US to own social media companies in other countries and monitor and sensor the worlds data, but no other country is allowed. If you don’t believe me, go on YouTube and put certain types of comments the US doesn’t like and see it get deleted, no warning. Every day this happens, wake up before you are all fucked, TikTok is the start of the obvious suppression that’s com8ng.
TikTok is owned by the Chinese company ByteDance.