Steve Mnuchin, the former Treasury Secretary under the Trump administration, has announced his bid to purchase ByteDance TikTok. This announcement comes during the United States’ ban on the Chinese-owned app, citing national security concerns.
On Wednesday, the House of Representatives approved a bipartisan bill. If this bill becomes a law, it would force the Chinese internet technology company ByteDance to sell its main app, TikTok, or TikTok would be banned from operating in 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” on Thursday. “It’s a great business, and I’m going to put together a group to buy TikTok.”
The bill is now going to the Senate, where it is unclear what will happen. However, President Joe Biden has said he will sign the legislation if it gets to him. “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 said.
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Lawmakers in the House voted 352 in favor of the proposed law and 65 against. This warning against the app came as a surprise to many. This is because both Republicans and Democrats took the risk of facing the backlash from TikTok’s passionate young user base.
“Today’s bipartisan vote demonstrates Congress’ opposition to Communist China’s attempts to spy on and manipulate Americans and signals our resolve to deter our enemies,’ Republican House Speaker Mike Johnson said after the vote. “I urge the Senate to pass this bill and send it to the President so he can sign it into law.”
Lawmakers from both political parties have raised concerns about TikTok’s wide reach in the United States. According to TikTok’s own data, about 170 million Americans use the app, which some worry could give the Chinese government a way to influence the U.S.
Several tech investors, like Peter Thiel, Vinod Khosla, and Keith Rabois, have criticized TikTok publicly or privately, calling it a harmful influence. Former president Donald Trump has also argued in favor of the ban.
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He said removing TikTok from the U.S. would strengthen other social media platforms like Facebook, which he labels the “enemy of the people.”
However, whether the Chinese government would allow ByteDance to sell TikTok to an American buyer is uncertain. “This process was secret, and the bill was jammed through for one reason: it’s a ban,” a TikTok spokesperson said in a statement.
“We are hopeful that the Senate will consider the facts, listen to their constituents, and realize the impact on the economy, 7 million small businesses, and the 170 million Americans who use our service.”
TikTok has been strongly lobbying against the bill. It has made efforts to persuade its users and posted videos on its platform to oppose the legislation. Additionally, TikTok CEO Shou Zi Chew has promised that the company will use all of its legal options to stop any potential ban.
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“This bill gives more power to a handful of social media companies. It will also take billions of dollars out of the pockets of creators and small businesses,” Chew said in a video posted on social media platform X.
“It will put more than 300,000 American jobs at risk and it will take away your TikTok. We believe we can overcome this together… Protect your constitutional rights. Make your voices heard,” he added.
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