Former treasury secretary Mnuchin putting together group to acquire TikTok business in US
Steven Mnuchin
Steven Mnuchin, the former Treasury Secretary, announced on Thursday (March 14) his plans to assemble a team of investors for a bid to acquire TikTok, the Chinese-owned social media platform.
This development follows a recent House measure aiming to ban TikTok or compel its sale to a US-based owner.
Speaking to CNBC on Thursday morning, Mnuchin expressed confidence in TikTok's potential as a business, despite its current lack of profitability. He emphasised the platform's considerable intrinsic value, indicating his intention to pursue its acquisition.
Also read:TikTokCEO reacts to US House vote on app
Mnuchin emphasised that existing US investors in TikTok would be offered the opportunity to retain their stakes, with no single entity holding more than 10 per centcontrol. However, he refrained from disclosing any individuals involved in the team he is assembling.
He voiced skepticism regarding the feasibility of a US company owning TikTok within China, citing Chinese regulatory barriers. Mnuchin remarked, "There's no way that the Chinese would ever let a US company own something like this in China."
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Despite Mnuchin's interest, ByteDance, TikTok's parent company, faces significant regulatory hurdles in selling to a foreign entity due to Chinese government restrictions imposed in 2020.
TikTok is considered a sensitive technology by Chinese authorities, who have expressed opposition to any forced sale that would involve transferring ownership to a foreign entity.
The TikTok bill, which received approval from the House, is now advancing to the Senate, where it confronts a significantly more challenging path to approval. President Joe Biden has indicated his willingness to sign the bill into law should it pass the Senate.
However, even if enacted, any attempt to implement a TikTok ban is expected to face legal challenges. Notably, Montana's efforts to effectively ban the app were thwarted last year when a federal judge issued an injunction against the proposed law.
(With inputs from agencies)