Who is involved in Steve Mnuchin’s investment team trying to buy TikTok? How much will they pay?
The House has passed a bill forcing TikTok to sell the platform or face a US ban. Ex-Treasury Secretary Mnuchin is forming a group to buy the company.
The House of Representatives yesterday passed a bipartisan measure to force Chinese-owned company ByteDance to sell TikTok to a US-operated owner or face an effective ban in the United States.
The bill now heads to the Senate, and if approved, will be signed into law by President Joe Biden.
Donald Trump’s former Treasury Secretary Steven Mnuchin said he is putting together a group of investors who would bid to buy the social media giant.
“I think the legislation should pass and I think it should be sold,” said Mnuchin on CNBC’s Squawk Box.
“It’s a great business and I’m going to put together a group to buy TikTok,” he added. TikTok reports that it has about 170 million users in the US.
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Who is involved in Steve Mnuchin’s investment team trying to buy TikTok? How much will they pay?
The former secretary leads equity firm Liberty Strategic Capital, which has links to ByteDance. The Chinese company was valued at $220 billion last year, although if the forced sale pushes through, this amount could turn out lower.
Mnuchin has not yet revealed who the other prospective investors would be.
*This story will be updated as more details are announced.