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Steve Mnuchin, a former advisor to Trump, intends to acquire TikTok from ByteDance, leading to China's outrage over 'Thief's Reasoning'
This is not Steve Mnuchin's first effort to transition TikTok's control to US bodies. In 2020, ex-President Trump was in favor of a proposed transaction between Oracle and Walmart to establish a US-oriented business that would claim TikTok's ownership.
Steve Mnuchin, who previously served as the US Treasury Secretary and was a confidant of ex-US President Donald Trump, has recently expressed his plans to gather investors to buy TikTok from its China-based parent company, ByteDane.
This news comes after the House of Representatives approved a legislation with the intent to prohibit the app in the US and eliminate it from all app stores unless ByteDance sells off its US operations.
The House of Representatives is attempting to regulate TikTok and its ties to ByteDance, due to worries about national security. Nevertheless, the US Senate has not yet arranged a vote on this proposed legislation.
In the meantime, President Joe Biden has indicated his readiness to approve the bill if it reaches him, even though its prospects in the Senate still hang in the balance.
While appearing on CNBC's business show Squawk Box, Mnuchin, who was a part of former President Donald Trump's administration from 2017 to 2021, shared his plans regarding TikTok.
Mnuchin stressed the significance of the US owning TikTok to continue accessing the current level of data from Americans. He further stated that a similar scenario, where a US company closely associated with the US government collecting massive amounts of data like TikTok, would not be allowed in China.
The specifics concerning Mnuchin's strategies, including possible investors, are still unclear. Nonetheless, this isn't the first effort to shift TikTok's ownership to American organizations. In 2020, former President Trump endorsed a proposed agreement that involved Oracle and Walmart to establish a business based in the US.
American lawmakers have consistently expressed worry over TikTok's wide-reaching user base, citing potential data protection issues due to the app being owned by a Chinese company. The recent vote in the House on the possibility of banning TikTok was largely supported, garnering 352 votes for the ban and 65 against.
China has termed it as "Bandit's Reasoning, Unjust Oppression" in response to the decision made by the House. Beijing expressed criticism towards the US, blaming it for employing a "bandit's reasoning" approach towards TikTok. Chinese representatives have called on Washington to put an end to the unjust oppression of international businesses.
Should the Senate give the green light to the proposed bill and it gets President Biden's signature, ByteDance will be given a six-month period to transfer TikTok's ownership to a non-Chinese organization. Failure to do so would result in the removal of TikTok from US application stores.
TikTok has launched Project Texas, a reorganization strategy designed to protect the data of its US users from Chinese interference, which includes collaborations with US firms such as Oracle. Furthermore, the platform has branched out into online retail, creating a considerable amount of income.
The anxiety surrounding TikTok that is shared by both political parties highlights greater fears about China's impact in different industries. In spite of political differences, Democrats and Republicans alike back initiatives to tackle these issues.
ByteDance has strongly resisted the suggested prohibition, claiming it would negatively impact small enterprises and interfere with its functioning. TikTok's main income source is from advertisements, but its online shopping platform has seen substantial growth.
ByteDance, on the other hand, is encouraging users in the US to communicate with their local representatives and senators, emphasizing the importance of TikTok for their businesses and how it has turned into a source of income for some content creators.
Instagram, under the umbrella of Meta, has risen to become TikTok's primary rival in the US, implementing comparable attributes to lure in users. In the previous year, Instagram outperformed TikTok, becoming the most frequently downloaded application worldwide.
Discussions are still ongoing, and the future of TikTok in America is still undecided, having substantial consequences for the technology sector and the country's security.
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