Former Treasury Secretary Steven Mnuchin is interested in buying TikTok

Former Treasury Secretary Mnuchin outlined plans for existing US investors in TikTok to retain stakes under 10%. He highlighted Chinese restrictions on US ownership in China and concerns about data collection by TikTok. ByteDance, TikTok’s parent company, faces hurdles in being sold outside China due to government regulations. Mnuchin seeks a solution without technology transfer to satisfy Chinese authorities. Despite past opposition, he now aims to acquire TikTok through Liberty Strategic Capital. Former President Trump’s stance has shifted to possibly supporting a sale, contrasting his prior advocacy for a ban. The House passed a TikTok bill, awaiting Senate approval, with President Biden signaling support. Legal challenges are expected if a ban is enforced. Analysts estimate a 25% chance of the legislation becoming law, with tech giants like Microsoft or Oracle seen as likely buyers over financial players like Mnuchin.

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