Ex-Trump Treasury chief Steven Mnuchin pooling investors to buy TikTok: ‘It’s a great business’
- The move comes after the US House of Representatives passed a bill that gives Chinese owner ByteDance 6 months to divest the app or face a ban
- Beijing has sharply criticised the proposed legislation, giving no indication that it would allow a sale of TikTok
Steven Mnuchin, the former US treasury secretary under Donald Trump, said on Thursday he was preparing a buyout bid of TikTok, as Beijing blasted a bill moving through Congress that would force the sale of the Chinese-owned video-sharing app.
TikTok has soared in popularity worldwide, but its ownership by Chinese technology giant ByteDance – and alleged subservience to Beijing’s ruling Communist Party – has fuelled national security concerns in Western capitals.
On Wednesday, the US House of Representatives overwhelmingly approved a bill that would force TikTok to divest from its parent company or face a nationwide ban.
The bill is yet to pass the Senate, where it is expected to face a tougher test to become law.
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Protests at US Congress after House passes bill that could potentially ban TikTok nationwide
The White House has said President Joe Biden would sign the bill – known officially as the Protecting Americans from Foreign Adversary Controlled Applications Act – if it reaches his desk.