Former US Treasury Secretary Steven Mnuchin announces intention to arrange a process to acquire TikTok

Former US Treasury Secretary Steven Mnuchin announced on Thursday that he would assemble a group of investors to acquire TikTok from its Chinese parent company. 

The US House of Representatives overwhelmingly passed a bill on Wednesday that would force TikTok to separate from its parent company or face a nationwide ban.

Mnuchin strongly endorsed the bill, which will now be sent to the Senate for a vote. President Joe Biden also supports the legislation and has pledged to sign it as soon as it is passed.

Mnuchin, who served as Treasury Secretary during Donald Trump's administration, told CNBC, "I think it's important to pass the legislation, and I think it's important to sell TikTok." He added that TikTok is "a great business, and I will put together a group to buy the app."

"It should be owned by American businesses. It's inconceivable to the Chinese that they would ever let an American company own something like this in China," he continued.

Earlier on Thursday, a Chinese Commerce Ministry official urged the United States to "stop unfair suppression of foreign companies" and to take "all necessary measures to protect its legitimate rights and interests firmly."



AFP