Mnuchin’s proposal to buy TikTok without its algorithm from its Chinese owner has drawn skeptical reactions, including from those he’s pitched.
Former treasury secretary Steven Mnuchin is telling rich investors he has a plan to take over TikTok: rebuild the wildly popular video app from scratch.
“All the biggest companies have thrown a lot of money and engineering talent at that issue and have struggled to do it,” Perault said. “If Steve Mnuchin thinks he can do that and succeed where a lot of successful companies have struggled, good luck.”Mnuchin, a former hedge fund manager and Hollywood producer with no social media experience, has informed potential partners that omitting TikTok’s algorithms would be the key to unlocking control of one of the world’s most popular apps.
“This is like rebuilding Facebook — that’s the task here,” one of the people knowledgeable of Mnuchin’s pitch said. “It can’t be done in 180 days — or even years.”a general outline of the proposal when he said that TikTok needed to be “rebuilt in the U.S.” and that “there’s a lot that can be done in six months.”“Hopefully, we can find a solution where China will allow it to be sold,” Mnuchin said.
China’s export-control list — which the country updated to prohibit the transfer of personalized-recommendation software during the Trump standoff over TikTok in 2020 — relies on the same style of trade regulation that the United States now employs toof computer chips to China.
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