The House passed a possible ban on social app TikTok with wide bipartisan support. The bill requires the Chinese company that owns it to give up control, or else it will be banned in the United States.
Many have expressed concern over this move, as it appears to be yet more big government interfering with companies. Others worried this would give the government more power over free speech.
But one person is seeing this as a huge opportunity. A former Trump official is urging the Senate to pass this bill. Because he has some big plans.
From CNBC:
Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance’s TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S…“I think the legislation should pass and I think it should be sold,” Mnuchin, who leads Liberty Strategic Capital, told CNBC’s “Squawk Box” on Thursday. “It’s a great business and I’m going to put together a group to buy TikTok.”
Steven Mnuchin, who served as Trump’s treasury secretary, discussed the possible ban of TikTok. Should the bill become law, the app could be banned if ByteDance doesn’t sell it off.
Mnuchin said he was putting together an investment group to buy TikTok, should ByteDance agree to sell it.
If that happens, it will be yet another social app owned by a possible free speech advocate. Donald Trump owns TRUTH Social. Elon Musk owns X. If Mnuchin buys TikTok, he is likely to protect free expression on the app, limiting Democrats’ ability to censor conservatives.
It is currently unknown if the Senate will pass the bill. Some lawmakers are worried that it gives the government far too much power over regulating social media companies.
And it is not clear if ByteDance will agree to sell the massively popular app, law or no law.
Regardless, Mnuchin is surely not the only person looking to buy the network. He might end up in a bidding war, should the bill become law.
Key Takeaways:
- Former Trump official is looking to buy TikTok, if the bill is passed.
- A new bill will require China to sell the app or it will be banned in the U.S.
- Steven Mnuchin is putting together a group to buy the social network.
Source: CNBC
