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Former Treasury Secretary Steven Mnuchin is putting together an investor group to buy TikTok

By 37ci3 Mar14,2024



Former Treasury Secretary Steven Mnuchin said he is forming an investor group to try to buy TikTok.

Mnuchin’s comments come shortly after The House of Representatives passed the bill on Wednesday This would force ByteDance to abandon TikTok or face a ban on the social media site in the US.

Mnuchin told CNBC: ‘I think the law should be passed and I think it should be sold’Squawk Box” Thursday. “It’s a great deal and I’m going to build a group to buy TikTok.”

The bill now heads to the Senate, where its future is uncertain, although President Joe Biden’s administration has his if the law is passed, he will sign it.

Mnuchin did not specify who the other investors would be in such a deal.

It won’t be Mnuchin’s first high-profile deal since leaving Treasury. Last week, Mnuchin’s Liberty Strategic Capital was the lead investor in a $1 billion capital raise to stabilize New York Community Bancorp.

Mnuchin served as Treasury Secretary under former President Donald Trump. This administration also took an antagonistic stance against TikTok, which resulted in ByteDance signing a data partnership with Oracle. Trump then changed course and Oppose the TikTok ban.

TikTok did not immediately respond to a request for comment.

This is an evolving story. Please check for updates.



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