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Steve Mnuchin, who previously advised Trump, intends to purchase TikTok from ByteDance, causing China to express anger at what they call 'Thief's Reasoning'
This is not the first time there has been an effort to transition TikTok's ownership to American companies. In 2020, the then-President Trump endorsed a proposed transaction between Oracle and Walmart to establish a US-based business which would then own TikTok.
Steve Mnuchin, who previously served as the US Treasury Secretary and was a key advisor to former President Donald Trump, has announced plans to gather investors to acquire TikTok from its parent company in China, ByteDance.
This statement comes after the House of Representatives approved a bill intending to prohibit the app in the US and eliminate it from all app stores unless ByteDance relinquishes its US businesses.
The House of Representatives has been attempting to pass laws relating to TikTok and its ties with ByteDance, due to worries about national security. Nonetheless, the US Senate has not yet set a date to vote on this piece of legislation.
In the meantime, President Joe Biden has indicated his willingness to approve the bill if it reaches him, however, its future in the Senate is still unclear.
On the CNBC business show Squawk Box, Mnuchin, who was a part of former President Donald Trump's administration from 2017 to 2021, shared his plans for TikTok.
Mnuchin stressed the significance of the US possessing TikTok in order to continue having access to the extensive data of Americans it presently does. He further elaborated that the converse scenario, where a US company closely connected to the American government would be disallowed in China if it was also amassing large amounts of data like TikTok, wouldn't be permitted.
Information about Mnuchin's strategies, such as possible investors, is still undisclosed. Nevertheless, this isn't the initial effort to shift TikTok's ownership to US organizations. In 2020, former President Trump endorsed a proposed agreement that included Oracle and Walmart to establish a US-based business.
For quite some time, American lawmakers have been apprehensive about TikTok's vast number of users, citing potential data security threats stemming from its Chinese ownership. The recent vote in the House on the proposed TikTok prohibition saw an immense majority of support, tallying 352 votes for and 65 votes against.
China refers to it as "Bandit's Reasoning and Unjust Oppression". Reacting to the decision of the House, Beijing condemned the US, alleging it of using a "bandit's reasoning" in relation to TikTok. Chinese authorities appealed to Washington to halt the unjust oppression of overseas firms.
Should the Senate give the green light to the bill and it receives President Biden's signature, ByteDance will be given a six-month window to transfer TikTok's ownership to a non-Chinese organization. Failure to do so may lead to its expulsion from US application stores.
TikTok has begun Project Texas, a revamping endeavor designed to protect US user data from China's control, which includes collaboration with American firms such as Oracle. The platform has also ventured into online retail, producing significant income.
Worries about Chinese sway in different industries are highlighted by the cross-party apprehensions regarding TikTok. Regardless of political disparities, Democrats and Republicans alike back steps to tackle these issues.
ByteDance is putting in a final attempt to resist the suggested prohibition, asserting that it would negatively affect small enterprises and interrupt its functions. The main source of TikTok's income is advertising, however, its online commerce sector has seen substantial growth.
ByteDance, on the other hand, is urging users in the US to contact their lawmakers and express the significance of TikTok for their businesses, and how it has become a source of income for some content creators.
Meta's Instagram has become the primary rival to TikTok in the US, by offering similar features to entice users. In the previous year, Instagram outpaced TikTok to become the world's most downloaded application.
Discussions are still ongoing, leaving TikTok's future in the US unclear, which could have major impacts on the technology sector as well as the country's safety.
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