As reported by CNBC, former U.S. Treasury Secretary, Steven Mnuchin, is orchestrating the formation of an investor group aimed at purchasing TikTok from Chinese company ByteDance
March 14, 2024
As reported by CNBC, former U.S. Treasury Secretary, Steven Mnuchin, is orchestrating the formation of an investor group aimed at purchasing TikTok from Chinese company ByteDance, amid legislative actions in Congress that pose a risk to the app’s operations in the United States. On Wednesday, the House of Representatives approved a bipartisan measure that, once enacted, would force ByteDance to sell its globally popular app or face a ban of TikTok’s activities in the U.S.
“I think the legislation should pass and I think it should be sold,” Mnuchin, who is at the helm of Liberty Strategic Capital, stated during an interview with CNBC. “It’s a great business and I’m going to put together a group to buy TikTok.”
There exists a notable connection between Liberty and ByteDance. In 2018, SoftBank Vision Fund, a significant investor in Mnuchin’s Liberty Strategic, also made an investment in ByteDance.
There have been growing national security concerns over TikTok’s reach in the U.S. Legislators from both political parties have emphasized the extensive presence of the app, noting that, according to the company’s own figures, 170 million Americans are users. This widespread usage, they argue, offers the Chinese government an immediate pathway to exert influence and gain access within the U.S. The legislation is now advancing to the Senate, where its prospects remain unclear. However, President Joe Biden has indicated his willingness to sign the bill should it arrive at his desk.
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