Former Treasury Secretary Steven Mnuchin said Thursday he's assembling a team of investors to make a bid to buy TikTok.
ByFormer Treasury Secretary Steven Mnuchin said Thursday he's assembling a team of investors to make a bid to buy TikTok.
Mnuchin said he would give existing US investors the option to roll over their stakes in TikTok but stressed that no entity would have more than 10% control. But he declined to name any individuals on the team he's putting together. Dan Ives, senior equity analyst at Wedbush Securities, told CNN that ByteDance and China will "never" sell TikTok with the source code - the "special sauce" that makes the app so successful and valuable.
Mnuchin, who now leads Liberty Strategic Capital, a private equity firm, was an early advocate for forcing a sale of TikTok to a US company. But he faced opposition from other members of former President Donald Trump's cabinet when the sale was proposed in 2020. Trump supported a ban at the time. He's since changed his stance, arguing that it would benefit Facebook.
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