Former Treasury Secretary Steven Mnuchin says he’s going to put together an investor group to buy TikTok after the House passed a bill that would ban the popular video app in the U.S. if its China-based owner doesn’t sell its stake
Former Treasury Secretary Steven Mnuchin said Thursday that he will put together an investor group to buy TikTok after the House passed a bill that would ban the popular video app in the U.S. if its China-based owner does not sell its stake. During an interview on CNBC’s “Squawk Box,' Mnuchin, who served under President Donald Trump, said he had spoken “to a bunch of people” about creating an investor group that would purchase the popular social media company.
But experts have said it could be challenging for ByteDance to sell the platform to a buyer who could afford it in a few months. Big tech companies are best positioned to make such a purchase, but they would likely face intense scrutiny from antitrust regulators, which Mnuchin emphasized. “I don't think this should be controlled by any of the big U.S. tech companies. I think there could be antitrust issues on that,” he said during the interview.
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