Former Treasury Secretary Steve Mnuchin announced his initiative to form an investor group aimed at purchasing TikTok during an interview on CNBC’s “Squawk Box.” This move comes as a bill progresses through Congress that could result in TikTok’s ban unless its parent company, ByteDance, sells the platform. Mnuchin, now at the helm of Liberty Strategic Capital, emphasized the importance of U.S. ownership for TikTok, contrasting it with China’s restrictive stance on American companies owning significant assets within its borders. He refrained from disclosing potential investors but highlighted the intention for diverse ownership without dominant control from any single investor.
Mnuchin remained silent on ByteDance’s openness to the sale and mentioned the necessity of a technological overhaul for TikTok in the U.S. should the acquisition succeed. The feasibility of raising sufficient funds within the six-month window set by the House bill, before TikTok faces a potential ban, remains uncertain. Previous attempts by U.S. companies, including Microsoft and a consortium involving Oracle and Walmart, to acquire TikTok have not been successful.
Mnuchin’s history with TikTok includes a 2020 directive for ByteDance to divest its interests in TikTok’s operations in the U.S., based on data security concerns linked to the acquisition of Musical.ly.
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