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Ex-Trump consultant Steve Mnuchin is looking to acquire TikTok from ByteDance, which has angered China, calling it 'Bandit's Reasoning'
This is not Steve Mnuchin's first endeavor to shift TikTok's power to American hands. In 2020, former President Trump endorsed a potential agreement that involved Oracle and Walmart forming a US-centered corporation that would assume control of TikTok.
Steve Mnuchin, who previously served as the Treasury Secretary for the US under the Trump administration, has revealed his plans to gather investors for the acquisition of TikTok from its Chinese parent company, ByteDane.
This update comes after the House of Representatives approved a legislation intending to prohibit the app in the US and mandate its removal from all app markets, unless ByteDance relinquishes its US operations.
The U.S. House of Representatives has been working on creating laws to govern TikTok and its affiliation with ByteDance due to worries about national security. So far, the U.S. Senate has not arranged a voting session for this proposed legislation.
President Joe Biden has signaled his readiness to approve the bill if it makes its way to him, even though its prospects in the Senate are still unclear.
During his appearance on CNBC's business show Squawk Box, Mnuchin, who was a member of former President Donald Trump's administration from 2017 to 2021, expressed his plans for TikTok.
Mnuchin stressed the significance of the US owning TikTok in order to maintain the level of access to American user data it currently has. He further explained that a similar situation, where a US company with strong connections to the US government was gathering vast amounts of data like TikTok, would not be allowed in China.
The specifics about Mnuchin's strategies, such as possible investors, are still unclear. Nevertheless, this isn't the initial attempt at shifting the control of TikTok to US institutions. In 2020, former President Trump endorsed a potential agreement that included Oracle and Walmart to establish a US-centric business.
American lawmakers have consistently expressed worries about the large number of TikTok users, due to potential data security threats tied to the app's Chinese proprietors. The recent vote in the House regarding a possible prohibition on TikTok was predominantly backed, with a vote count of 352 in support and 65 opposing.
China labels it as "Bandit's Reasoning, Unjust Oppression". Reacting to the resolution of the House, Beijing reprimanded the US, blaming it for employing a "bandit's reasoning" towards TikTok. Chinese authorities appealed to Washington to stop its unjust oppression of overseas enterprises.
Should the Senate give the green light to the bill and it receives President Biden's signature, ByteDance would be given a six-month window to transfer TikTok's ownership to an organization outside of China. Failure to do so could result in the app's expulsion from US app marketplaces.
TikTok has launched Project Texas, a reorganization plan designed to protect US user information from Chinese interference, which includes collaborations with US companies such as Oracle. Moreover, the platform has branched out into the online shopping industry, thereby creating a significant income stream.
The shared apprehension among Democrats and Republicans about TikTok highlights wider fears about China's impact across multiple sectors. Regardless of political differences, both parties back steps to tackle these issues.
ByteDance has strongly resisted the suggested prohibition, stating that it would negatively impact small enterprises and interfere with its functioning. TikTok's main source of income is advertising, but its online retail platform has seen substantial growth.
Meanwhile, ByteDance is encouraging its American users to contact their local lawmakers to express the importance of TikTok for their businesses, and to highlight how the platform has become a vital income source for certain content creators.
Meta-owned Instagram has risen to become TikTok's primary rival in the US, by launching comparable features to lure in users. In the previous year, Instagram outpaced TikTok to become the most downloaded application worldwide.
The future of TikTok in the US is still up in the air amidst ongoing discussions, carrying substantial consequences for the technology sector and the country's security.
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