Former US Treasury Secretary Steven Mnuchin has announced plans to spearhead an investor group aimed at acquiring TikTok, in the wake of legislative pressures threatening to ban the popular social media platform from operating in the United States.
Mnuchin emphasised the importance of TikTok falling into American hands, asserting, "This should be owned by US businesses." He underscored the reciprocal challenges faced by American companies attempting to establish a similar presence in China.
Despite his statements, Mnuchin refrained from elaborating on the composition of the prospective investor consortium or TikTok's potential valuation.
TikTok, which boasts over 170 million users in the US alone, is grappling with increasing regulatory scrutiny due to its Chinese ownership. Concerns regarding national security risks associated with the app have prompted bipartisan action in Congress.
The House bill, passed by a substantial margin of 352-65, is now poised for consideration in the Senate. However, its fate remains uncertain as lawmakers deliberate on the implications and potential ramifications of such legislation.
Senate Majority Leader Chuck Schumer has pledged a thorough review process, indicating the need for consultations with relevant committee chairs to chart the bill's course forward.
President Joe Biden has signalled his willingness to sign the measure if it garners congressional approval.
(With inputs from AP)
First Published: Mar 14, 2024 7:39 PM IST
