Former United State Treasury Secretary Steven Mnuchin has revealed plans to assemble an investor consortium to acquire TikTok, following a legislative push in the House of Representatives to ban the popular video-sharing platform unless its China-based parent company divests its stake.
Mnuchin stressed the need for US businesses to own TikTok, speaking on CNBC’s “Squawk Box.”
I don’t think the Chinese would allow a U.S. company to own such a thing in China,” said Mnuchin.
While Mnuchin did not provide any additional details about the potential investor group or TikTok’s valuation, his announcement comes at a time when bipartisan concern is rising.
The US House bill, passed by a resounding margin of 352-65, underscores the bipartisan consensus on the need to address potential national security risks posed by TikTok’s ownership.
The legislation currently pending in the Senate demonstrates that there is a willingness to take decisive measures with regard to safeguarding critical data and protecting states’ interests.
As legislators weigh the merits of the proposed ban against potential legal and regulatory challenges, the fate of TikTok hangs by a thread.
