Miami, Florida – Former Treasury Secretary Steven Mnuchin is spearheading an endeavor to assemble a group of American investors to acquire the popular social media platform, TikTok. This move comes after the House of Representatives passed legislation mandating the sale of TikTok by its Chinese parent company, ByteDance, to U.S. interests over national security concerns.
Mnuchin expressed his intention to lead the effort to purchase TikTok during an interview with CNBC’s “Squawkbox.” He emphasized the importance of U.S. businesses owning TikTok, citing its significant value as a business entity. Mnuchin, who previously chaired the Committee on Foreign Investment in the U.S. (CFIUS) under the Trump administration, highlighted his past efforts, including President Trump’s order for TikTok to be sold.
The former Treasury Secretary emphasized the necessity of TikTok being owned by American companies, reasoning that the Chinese government would not permit a U.S. entity to operate a platform of similar importance within China. He also expressed support for the House’s bill, asserting his belief that it should be passed by the Senate.
Despite ongoing investigations into TikTok under the Biden administration, CFIUS has not enforced the sale of the platform to continue its operations in the U.S. The bipartisan bill passed by the House aims to compel ByteDance to divest from TikTok within a specified timeframe or face a ban in the U.S. The bill also stipulates that TikTok must be acquired by an entity unaffiliated with U.S. adversaries.
As founder of investment fund Liberty Strategic Capital, Mnuchin disclosed that he has engaged in discussions with various individuals regarding the acquisition of TikTok. He detailed plans for multiple investors to collaborate on the purchase to prevent any singular entity from exerting control over the platform. Mnuchin underscored the significance of U.S. control over the technology underpinning TikTok, emphasizing the need for domestic ownership.