The ex-US Secretary of the Treasury, Steve Mnuchinassured that he is looking to gather a group of investors to buy TikTok. The former official of donald trump declared that the social network “It is a great company” and that “should be controlled by American interests“.
Mnunchin’s statements come within a framework of tensions between the company and the United States government. The thing is, on Wednesday, the House of Representatives of Congress approved a bill that – if passed in the Senate and signed into law by the president Joe Biden – would force ByteDancecompany that owns TikTok, to sell the social network to a local group or, otherwise, to be banned in the North American country.
The potential purchase of TikTok
In the midst of the debate about TikTok ban in the United States, Steve Mnunchin, former US Secretary of the Treasury, revealed his interest in buying the social network to avoid its restriction in the country. “It’s a great company. I’m going to form a group to buy TikTok“he declared.
Mnunchin was responsible for the US Treasury during the government of Republican Donald Trump between 2017 and 2021. Now, the banker and film producer has gotten involved in the fight between the social media giant and the United States and alleged that TikTok “should be controlled by American interests“.
“I spoke to several people about the project“, the former director of the investment bank told CNBC. Goldman Sachs. However, Mnunchin declined to give more details about who the investment group would include.
The former official is the first to appear as potential buyer, although for now there is no official offer. It is also estimated that the former boss of the video game creator Activision Blizzard, Bobby Kotickwould have expressed his interest in acquiring the social network to the co-founder of ByteDance, Zhang Yiming.
The value of TikTok is difficult to estimate, especially when talking about a case of a forced sale. In 2020, the technology company ByteDance had set its price at US$60,000 million dollars when Donald Trump’s government wanted to force it to get rid of the platform.
United States vs TikTok
TikTok has been in the crosshairs of US authorities for several months, amid accusations that it allows the Chinese government to spy on and manipulate its 170 million users in the United States, which the company strongly denies. Now, the social network is at risk of being banned in the United States after the House of Representatives vote for a bill that suspend the application unless its parent company, ByteDance, sell the social network.
Tik tok USA.avif
Reuters
However, the path to restriction is not so simple. To pass the law, you must obtain 60 out of 100 votes of the Senate. A single Senator could turn the project around and, for example, the Republican politician Rand Paul I declare that “would block any violation of the Constitution.” since he Congress “Shouldn’t take away 170 million Americans’ First Amendment rights“.
The debate continues to take the center of the political and technological agenda in the United States. The legal process, especially if it extends over time, gives many opportunities for opinions to change and law is not approved in that session, although, on the other hand, the president Joe Biden has already expressed his intention to sign the law if both chambers approve it.
Source: Ambito
