Former-American Treasury Secretary exposes TikTok buying plot
Date
3/17/2024 6:35:00 AM
(MENAFN) In response to recent legislative efforts in the United States to compel the sale of TikTok by its Chinese parent company ByteDance, former United States Treasury Secretary Steven Mnuchin has revealed his intentions to lead an investor group to acquire the popular social media platform. This announcement comes on the heels of the House of Representatives voting to mandate ByteDance's divestiture of TikTok due to perceived national security risks, with the bill now advancing to the Senate for consideration.
Mnuchin, who heads Liberty Strategic Capital, expressed his belief that the legislation mandating the sale of TikTok should pass, emphasizing his intention to assemble an investor consortium for the acquisition. While Mnuchin did not divulge specifics regarding potential investors or valuation for the deal, he stressed the importance of TikTok being owned by United States businesses, citing concerns about Chinese ownership of critical technology platforms.
The former Treasury Secretary's proposal to acquire TikTok aligns with broader sentiments within the United States government and business community regarding the need for greater control over the platform's operations. Mnuchin's initiative mirrors similar efforts by former Activision Blizzard CEO Bobby Kotick, who has reportedly explored potential deals for TikTok with prospective partners.
Despite these developments, uncertainties persist regarding the Chinese government's willingness to approve a sale of TikTok to a United States buyer. China has denounced efforts to ban TikTok in the United States, asserting that such actions would violate international trade rules. Additionally, TikTok CEO Shou Zi Chew has hinted that a sale may not be a viable option, suggesting potential obstacles to Mnuchin's acquisition plans.
As legislative and corporate maneuvers unfold surrounding the fate of TikTok, Mnuchin's bid to acquire the platform underscores the complex interplay between national security concerns, business interests, and geopolitical tensions in the realm of technology and social media.
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