Former Treasury Secretary Steven Mnuchin is leading a U.S.-based investor consortium to acquire TikTok from ByteDance in response to bipartisan legislation that could force ByteDance to divest its U.S. assets or face a ban in the country. The legislation, which recently passed the House of Representatives, requires ByteDance to relinquish control of TikTok’s U.S. operations within six months. Mnuchin expressed support for the legislation, emphasizing the importance of American ownership of TikTok and citing concerns over Chinese government influence. The Biden administration has signaled its support for the legislation, aligning with Mnuchin’s view. Despite challenges, Mnuchin remains optimistic about the acquisition, envisioning a transformation of TikTok under U.S. ownership. Reports suggest that other parties, including former Activision Blizzard CEO Bobby Kotick, are also exploring potential deals. The outcome of this high-stakes saga will undoubtedly shape the future of social media and international relations in the digital age.
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2024-03-17 19:00:03
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