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Ex-Trump consultant Steve Mnuchin intends to purchase TikTok from ByteDance, China is livid at the 'Thief's Reasoning'
Mnuchin's offer isn't the initial endeavor to shift the reins of TikTok to American organizations. In 2020, former President Trump backed a suggested transaction that included Oracle and Walmart, aiming to establish a US-situated firm that would assume TikTok's ownership.
Steve Mnuchin, who previously served as the US Treasury Secretary and was a key advisor to ex-President Donald Trump, has revealed plans to gather investors for buying TikTok from its China-based parent company, ByteDane.
The House of Representatives has recently passed a legislation aiming to prohibit the use of the app in the US and eliminate it from all app markets unless ByteDance relinquishes its US operations, hence this notification.
The House of Representatives has been making legislative efforts concerning TikTok and its ties with ByteDance, due to worries about national security. Meanwhile, the US Senate has not yet set a date to vote on this proposed law.
President Joe Biden has meanwhile conveyed his readiness to approve the legislation if it comes to him, although it's still unclear whether it will make it through the Senate.
While appearing on CNBC's business show Squawk Box, Mnuchin, who was a part of Donald Trump's administration from 2017 to 2021, shared his plans regarding TikTok.
Mnuchin stressed the significance of US ownership of TikTok for gaining access to the substantial amount of data on Americans that the app currently possesses. He further added that, conversely, a US-based company with strong connections to the American government would not be allowed to operate in China if it were gathering as much data as TikTok does.
The specifics of Mnuchin's strategies, including possible investors, are still unclear. Nonetheless, this isn't the first time there's been an effort to shift TikTok's ownership to US firms. In 2020, former President Trump backed a proposed agreement that involved Oracle and Walmart, aiming to establish a US-centric business.
US lawmakers have expressed worry for a long time about the large number of users on TikTok, due to potential data security issues linked to its ownership by China. The recent vote in the House on a possible ban of TikTok was heavily supported, with 352 votes for and 65 against.
China has termed it as "Bandit's Reasoning, Unjust Oppression" in reaction to the verdict of the House. Beijing has reproached the US, blaming it for utilizing a "bandit's reasoning" in relation to TikTok. Chinese authorities have appealed to Washington to put an end to the unjust oppression of overseas firms.
Should the Senate give the green light to the bill and it receives President Biden's signature to become a law, ByteDance will be given a half-year period to transfer ownership of TikTok to an entity not based in China, otherwise it risks being eliminated from US app marketplaces.
TikTok has kicked off Project Texas, a reorganization strategy designed to protect US user information from Chinese interference, which includes collaborations with US firms such as Oracle. Moreover, the platform has ventured into the online shopping sector, producing significant income.
The shared apprehension about TikTok among different political parties emphasizes the deeper anxieties concerning China's impact in diverse industries. Regardless of political disagreements, both Democrat and Republican parties endorse strategies to tackle these issues.
ByteDance has strongly resisted the suggested prohibition, stating it would negatively impact small enterprises and interfere with its functioning. TikTok's primary source of income is advertising, but its online commerce platform has seen substantial growth.
Concurrently, ByteDance is urging its American users to contact their local officials and senators to highlight the importance of TikTok for their enterprises, emphasizing that it has become a source of income for certain content creators.
Meta-owned Instagram has risen to be TikTok's primary rival in the US, implementing comparable features to draw in users. In the previous year, Instagram outstripped TikTok to become the most downloaded application worldwide.
Discussions are still ongoing and the future of TikTok in the US is yet to be decided. This has considerable consequences for not only the technological sector but also the country's security.
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