So, everyone knows TikTok. That little app that’s got everyone from your 13-year-old niece to your grandma doing dance challenges and lip-sync battles among other stupid things. Yeah, that one. Well, it seems a group of Pro-Trump investors are gearing up to buy it. And who’s leading this ambitious endeavor? None other than former Trump Treasury Secretary Steven Mnuchin. Is anyone else getting a kick out of this?
According to CNBC, Mnuchin is rallying an investor group to make a juicy offer to ByteDance, the current owner of TikTok. The deal could potentially be in the hundreds of billions of dollars, given that Pitchbook values the company at a cool $220 billion.
Now, why would Mnuchin and his band of merry investors want to get their hands on TikTok, you ask? Well, the U.S. House just passed legislation that would restrict TikTok’s Chinese ownership. Mnuchin seems to be a fan of this move, stating lawmakers have an obligation to prevent TikTok from being used as China’s personal data mine. “I think the legislation should pass and I think it should be sold,” he said. “It’s a great business and I’m going to put together a group to buy TikTok.” Not mincing words there, is he?
What’s interesting is that this bill isn’t falling into the usual left-right divide. It’s actually got bipartisan support. Even Joe Biden said he’d sign the bill if it lands on his desk. So, it’s not just a Republican thing. Chinese authorities aren’t too thrilled about this notion of a forced sale. They’re calling it “robber’s logic.”
And don’t forget, TikTok isn’t just dance challenges and lip-sync battles. It’s estimated to have around 170 million users, which gives China a pretty hefty platform to influence the viewing habits of Americans, especially those impressionable young voters.
But wait, there’s more! President Trump, after hearing from supporters who have a stake in TikTok’s success, has come out against the new legislation. Talk about throwing a wrench into the GOP’s plans to strip TikTok of its overseas owners.
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