Former Treasury Secretary Steven Mnuchin is making moves to acquire TikTok, the popular video-sharing app owned by Chinese tech giant ByteDance, as the White House calls on the Senate to pass legislation aimed at regulating the platform’s ownership and operations.
Mnuchin revealed his plans to CNBC, stating that he is assembling an investor group to purchase TikTok from ByteDance. His bid comes in the wake of a recent House vote approving a bill that would compel ByteDance to sell TikTok within 180 days or face a ban in the United States. Mnuchin voiced support for the legislation, asserting that TikTok should be owned by a U.S. entity, citing concerns over data privacy and national security.
Meanwhile, the White House is pressing the Senate to swiftly pass the TikTok bill, which cleared the House amid bipartisan support. Karine Jean-Pierre, the White House press secretary, emphasized the urgency of the situation, urging Senate Majority Leader Chuck Schumer to bring the legislation to a vote without delay.
The proposed bill seeks to address concerns about the Chinese government’s potential access to the personal data of millions of Americans through TikTok. If enacted, it would mandate ByteDance to divest its ownership of TikTok within a specified timeframe or face removal from U.S. app stores.
The White House’s support for the bill reflects broader bipartisan apprehensions about TikTok’s ownership structure and data security practices. Lawmakers fear that the Chinese government’s influence over ByteDance poses a significant threat to American interests and privacy rights.
As the debate over TikTok’s future ownership intensifies, Mnuchin’s bid underscores the growing interest among American investors in acquiring the platform. However, any potential acquisition would likely face regulatory scrutiny and approval processes to ensure compliance with national security and antitrust regulations.
The fate of TikTok in the United States hangs in the balance as lawmakers and stakeholders navigate complex legal and geopolitical considerations. With bipartisan support for stricter regulations on foreign-owned tech platforms, the Senate’s response to the proposed bill will shape the trajectory of TikTok’s presence in the American market.
