Former Treasury Secretary Steven Mnuchin is spearheading an effort to acquire the Chinese company TikTok with American investors.
This comes as Congress considers legislation that would force TikTok to sever ties with China due to national security concerns over the potential for user data to be accessed by the Chinese government.
“I think the legislation should pass and I think it should be sold,” Mnuchin said. “It’s a great business and I’m going to put together a group to buy TikTok.”
Mnuchin believes TikTok should be sold to US owners rather than continue to have Chinese ownership.
While the bipartisan bill is receiving support in Congress and from President Biden, China opposes a forced sale.
“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.
Former President Trump, who had previously taken a tough stance on TikTok, has now come out against the new legislation, complicating Republican efforts to restrict TikTok’s foreign ownership.
Mnuchin aims to put together an investor group to make an offer to purchase TikTok.
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