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Ex-Trump consultant Steve Mnuchin intends to purchase TikTok from ByteDance, sparking outrage from China who condemns this 'Thieves' Rationale'.
This isn't Steve Mnuchin's first effort to shift TikTok's management to US groups. In 2020, former President Trump endorsed a proposed transaction that included Oracle and Walmart, with the goal of forming a US-centric business that would acquire TikTok.
Steve Mnuchin, who previously served as the US Treasury Secretary and was a key advisor to ex-President Donald Trump, has announced plans to gather investors for the acquisition of TikTok from its China-based parent company, ByteDane.
The recent declaration comes after the House of Representatives approved a bill intending to prohibit the app in the US and to remove it from all app stores unless ByteDance sells off its US operations.
The House of Representatives has been pushing for laws concerning TikTok and its association with ByteDance, due to worries over national security. Still, the US Senate has not yet arranged a vote on this proposed legislation.
Concurrently, President Joe Biden has indicated his readiness to approve the bill if it makes its way to him, even though its potential to pass in the Senate is still unclear.
While appearing on CNBC's Squawk Box, Mnuchin, who worked for ex-President Donald Trump from 2017 to 2021, clarified his plans for TikTok.
Mnuchin underscored the significance of the US acquiring TikTok to maintain access to the current level of data on American users. He further stated that it's unlikely for a US company with strong connections to the American government to be allowed in China if it were gathering large amounts of data similar to TikTok.
The specifics of Mnuchin's strategies, such as possible investors, are still undisclosed. However, this isn't the first time there's been an effort to shift control of TikTok to US bodies. In 2020, former President Trump backed a proposed transaction that involved Oracle and Walmart to establish a US-centered business.
American lawmakers have consistently expressed worries over TikTok's broad user reach, due to fears related to data security arising from its ownership by a Chinese company. The recent vote in the House on the possible prohibition of TikTok saw significant backing, with 352 representatives voting for the ban and only 65 voting against it.
China has labelled it as "Thief's Reasoning, Unjust Oppression" in retaliation to the House's verdict. Beijing has reprimanded the US, blaming it for utilizing a "thief's reasoning" with regards to TikTok. Chinese authorities have appealed to Washington to halt the unjust oppression of international businesses.
Should the Senate give the green light to the bill and it gets endorsed by President Biden, ByteDance will be given a half-year period to hand over TikTok to a non-Chinese organization, or else, it risks being expelled from US app markets.
TikTok has launched Project Texas, a reorganization initiative to protect the data of US users from Chinese interference, which includes collaborations with US firms such as Oracle. Moreover, the platform has broadened its scope to include e-commerce, thereby significantly increasing its revenue.
The shared apprehension about TikTok among both political parties highlights deeper fears about China's impact in different industries. Regardless of political differences, both Democrats and Republicans back actions to tackle these issues.
ByteDance has fervently resisted the proposed prohibition, stating that it would negatively impact small enterprises and hamper its functioning. Although TikTok's main income source is advertising, its online shopping platform has notably expanded.
ByteDance, on the other hand, is encouraging its American users to contact their local politicians and highlight the importance of TikTok for their enterprises. They want to show that the platform has become a vital source of income for some content creators.
Instagram, a subsidiary of Meta, has risen to be a major rival for TikTok in the United States by launching comparable features to lure users. In the previous year, Instagram outperformed TikTok to become the top downloaded app worldwide.
Discussions are ongoing, and the future of TikTok in the US is still unclear, with major consequences for the tech sector and national security.
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