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Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance’s TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S.
The House of Representatives on Wednesday passed a bipartisan bill that if signed into law would force ByteDance to either divest its flagship global app or face an effective ban on TikTok within 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.”
“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.
He would not share any names of potential investors he is recruiting, but said that, under his plan, TikTok would be owned by a group of investors, and not any one person.
Mnuchin added that TikTok should not be controlled by any of the existing major social media companies, and it should not be controlled by the Chinese.
WATCH BELOW:
Former Treasury Secretary Mnuchin is putting together an investor group to buy TikTok https://t.co/gQcHZmscZU
— CNBC (@CNBC) March 14, 2024
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