Former Treasury Secretary Steven Mnuchin Plans to Buy TikTok
Summary from the AllSides News Team
Former Treasury Secretary Steven Mnuchin told CNBC on Thursday that he was planning on compiling investors to buy TikTok, following legislation that could force the company to be sold or banned in the U.S.
Key Details: Both Democratic and Republican politicians support U.S. removal of China's TikTok control. Mnuchin, who served as former President Donald Trump’s treasury secretary from 2017 to 2021, is working towards a possible sale, while White House press secretary Karine Jean-Pierre said on Wednesday that the White House was looking toward the Senate to take “swift action.”
For Context: The proposed legislation passed the House of Representatives on Wednesday; the bill is now being brought to the Senate. If passed, the U.S. will either ban TikTok from app stores of Americans, or accept a sale of the company. Media outlets have recently speculated that a sale to the U.S. is not likely. TikTok’s CEO Shou Zi Chew said on Wednesday that legal action will be taken to prevent a ban.
Key Quote: “It’s a great business, and I’m going to put together a group to buy TikTok… 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 told CNBC’s “Squawk Box” on Wednesday.
Featured Coverage of this Story
From the Left
Former Treasury Secretary Steven Mnuchin says he's interested in buying TikTok
Former Treasury Secretary Steven Mnuchin said on Thursday he's putting together a group of investors to try to buy TikTok, a day after the House passed a bill that could force the Chinese owners of the popular app to sell the business.
The House bill would ban TikTok in the U.S. unless Bytedance sells the business within six months. Lawmakers passed the bill, citing the danger that China could potentially access data about the millions of Americans who regularly use the app.
"It's a great business and I'm going to...
From the Right
Former Treasury Secretary Steve Mnuchin is assembling investors to buy TikTok
Former Treasury Secretary Steven Mnuchin said he’s interested in pulling together a group of investors to buy TikTok.
“I think the legislation should pass and I think it should be sold,” Mnuchin told CNBC’s Squawk Box Thursday morning. “It’s a great business, and I’m going to put together a group to buy TikTok.”
“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, who served as the secretary of the treasury under former President...
From the Center
Former Treasury Secretary Mnuchin is putting together an investor group to buy TikTok
Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance’s TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S.
The House of Representatives on Wednesday passed a bipartisan bill that if signed into law would force ByteDance to either divest its flagship global app or face an effective ban on TikTok within the U.S.
“I think the legislation should pass and I think it should be sold,” Mnuchin, who leads Liberty Strategic Capital, told CNBC’s “Squawk Box”...
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