Former Treasury Secretary Steven Mnuchin is building an investor group to acquire ByteDance’s TikTok, as a bipartisan piece of legislation winding its way through Congress threatens its continued existence in the U.S.
The House of Representatives on Wednesday passed a bipartisan bill that if signed into law would force ByteDance to either divest its flagship global app or face an effective ban on TikTok within the U.S. “I think the legislation should pass and I think it should be sold,” Mnuchin told CNBC’s “Squawk Box” on Thursday. “It’s a great business and I’m going to put together a group to buy TikTok.
TikTok CEO Shou Zi Chew has implied that a sale is not an option. ByteDance was valued at $220 billion at its last funding round in 2023, according to PitchBook data. While a discrete valuation for TikTok was not immediately clear, any sale price for the U.S. division would likely be less. TikTok’s most valuable asset and, to lawmakers, its most worrying weapon, is its algorithm, which delivers tailored content to users and was developed in China.
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