Former Treasury Secretary Steven Mnuchin has expressed his interest in acquiring the popular social media platform, TikTok. In an interview on CNBC, Mnuchin revealed that he is putting together a group of investors to submit a bid for the acquisition. This announcement comes just one day after the House of Representatives passed the Protecting Americans from Foreign Adversary Controlled Applications Act, which could potentially ban TikTok in the United States unless it is sold to a U.S.-based owner.
Mnuchin sees TikTok as a “great business” and believes that it should not be controlled by any of the big U.S. tech companies due to potential antitrust issues. He also claimed to have seen evidence of TikTok collecting a significant amount of user data, a concern echoed by former President Donald Trump. Trump, who considered TikTok a national security threat, expressed his worry that an outright ban on the app would benefit its rival, Facebook.
President Joe Biden has also voiced his support for a TikTok ban if it passes Congress. However, Senate Majority Leader Chuck Schumer has not yet committed to bringing legislation against TikTok to a vote. On the other hand, Senate Intelligence Committee Chairman Mark Warner and Vice Chairman Marco Rubio praised the House’s bipartisan vote and urged the Senate to take action.
The potential acquisition of TikTok has raised concerns about the influence and power that the Chinese-controlled social media app holds. The parent company of TikTok, ByteDance, is legally obligated to follow the orders of the Chinese Communist Party, raising questions about data privacy and national security.
Mnuchin’s interest in acquiring TikTok reflects a growing sentiment among U.S. lawmakers and officials regarding the need to address the potential risks associated with foreign-controlled social media platforms. The proposed legislation aims to protect American citizens’ privacy and data rights while mitigating national security threats.
As discussions around the acquisition of TikTok continue, it remains to be seen who will ultimately take ownership of the popular social media platform. Mnuchin’s efforts to assemble a group of investors suggest that there is a strong interest in keeping TikTok under U.S.-based ownership, ensuring greater control and safeguarding against potential risks. The outcome of this process will have significant implications for the future of social media and data privacy in the United States.
