A US group led by former Treasury Secretary Steve Mnuchin has announced their intention to mount a bid to buy TikTok. Mnuchin revealed the plan while appearing on CNBC’s Squawk Box. Mnuchin, who gained notoriety for his OneWestBank firm during the 2008 recession, was one of the few cabinet secretaries to see out Donald Trump‘s entire term in office.
The news comes a day after a bipartisan bill that could see TikTok banned in the United States passed the US House of Representatives by a vote of 325-65. The Protecting Americans from Foreign Adversary Controlled Applications Act would demand that TikTok divest from its Chinese parent company. If the company refused, the app would become unavailable in the United States. The bill was proposed on the basis of protecting the data of American users from the Chinese. However, many opponents have labeled the bill as Sinophobic fearmongering.
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TikTok Ban Faces Tough Senate Fight
Mnuchin just told us on @SquawkCNBC that he is putting together a group to try to buy @tiktok_us.
— Andrew Ross Sorkin (@andrewrsorkin) March 14, 2024
However, the popular short-form video app is safe for the time being. The bill must now pass the Senate, where there is much less clear-cut support for the legislation. A spokesperson for Tiktok has already urged senators to reject the bill. “This process was secret and the bill was jammed through for one reason: It’s a ban. We are hopeful the Senate will consider the facts, listen to their constituents, and realize the impact on the economy. Seven million small businesses and 170 million Americans use our service,” the spokesperson told the BBC. A vote has not yet been tabled for the bill.
TikTok is currently owned by Chinese firm ByteDance. However, the bill has been mired in controversy. The sinophobia claims were at their highest during the Congressional questioning of TikTok CEO, Shou Chew. Chew was asked constantly about his loyalties to China, despite being from Singapore. The questioning also came at a time when many in Congress were pushing a “Stop Asian Hate” campaign, which starkly contrasted their treatment of Chew.
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