Current:Home > reviewsFormer Treasury Secretary Steve Mnuchin says he’s putting together investor group to buy TikTok -Stellar Wealth Sphere
Former Treasury Secretary Steve Mnuchin says he’s putting together investor group to buy TikTok
View
Date:2025-04-14 01:26:22
Former U.S. Treasury Secretary Steven Mnuchin says he’s going to put together an investor group to buy TikTok, a day after the House of Representatives passed a bill that would ban the popular video app in the U.S. if its China-based owner doesn’t sell its stake.
TikTok, which has more than 170 million American users, is a wholly-owned subsidiary of Chinese technology firm ByteDance Ltd.
Speaking on CNBC’s “Squawk Box,” Mnuchin said Thursday that he believes TikTok should be sold.
“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,” said Mnuchin.
Mnuchin, the U.S. Treasury secretary under President Donald Trump, didn’t provide details on who else may be included in the investor group he plans on forming or TikTok’s possible valuation.
TikTok did not immediately respond to a request for comment.
Big tech companies could afford to buy TikTok but would likely face intense scrutiny from antitrust regulators in both the U.S. and China. Then again, if the bill actually becomes law and survives First Amendment court challenges, it could make TikTok cheaper to buy.
The House bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear. House lawmakers had acted on concerns that TikTok’s current ownership structure is a national security threat.
Lawmakers in the Senate have indicated that the measure will undergo a thorough review. Senate Majority Leader Chuck Schumer, D-N.Y., has said that he’ll have to consult with relevant committee chairs to determine the bill’s path.
President Joe Biden has said if Congress passes the measure, he will sign it.
TikTok has long denied that it could be used as a tool of the Chinese government. The company has said it has never shared U.S. user data with Chinese authorities and won’t do so if it is asked. To date, the U.S. government also has not provided evidence that shows TikTok shared such information with Chinese authorities.
veryGood! (65731)
Related
- Trump wants to turn the clock on daylight saving time
- Federal judge blocks California law that would have banned carrying firearms in most public places
- Chemical leaks at cheese factory send dozens of people to the hospital
- A Kansas City-area man has pleaded not guilty to criminal charges over aviation exports to Russia
- Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
- Former City of Jackson employee gets probation for wire fraud scheme
- After 38 years on the job, Santa Luke still has time for everyone. Yes, you too
- Minnesota program to provide free school meals for all kids is costing the state more than expected
- IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
- I am just waiting to die: Social Security clawbacks drive some into homelessness
Ranking
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- Rite Aid used AI facial recognition tech. Customers said it led to racial profiling.
- Turkey says its warplanes have hit suspected Kurdish militant targets in northern Iraq
- California’s top prosecutor won’t seek charges in 2020 fatal police shooting of Bay Area man
- Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
- Yes, your diet can lower cholesterol levels. But here's how exercise does, too.
- Too late to buy an Apple Watch for Christmas? Apple pauses Ultra 2, Series 9 sales
- Hiker rescued from bottom of avalanche after 1,200-foot fall in Olympic National Forest
Recommendation
Intellectuals vs. The Internet
Oprah's Done with the Shame. The New Weight Loss Drugs.
Would 'Ferrari' stars Adam Driver and Penélope Cruz want a Ferrari? You'd be surprised.
Oprah's Done with the Shame. The New Weight Loss Drugs.
Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
Lionel Messi's 2024 schedule: Inter Miami in MLS, Argentina in Copa America
Jason Kelce responds to Jalen Hurts 'commitment' comments on 'New Heights' podcast
EU countries agree on compromise for overhaul of bloc’s fiscal rules