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A former US Treasury secretary has indicated he wants to buy TikTok.
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US lawmakers are seeking to ban the app.
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China does not allow American social media companies to operate in its country.
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TikTok generated billions of dollars in revenue last year.
(NewsReady.com) – TikTok has become wildly successful over the last several years. The company generated more than $14 billion in revenue in 2023. Over 150 million Americans use the social media app every month, making it one of the most popular. According to data, US users over 18 spend nearly an hour on the app every day.
The House of Representatives recently voted to ban TikTok in the US if the Chinese company, ByteDance, doesn’t sell. The legislation has now gone to the Senate, where they will also decide whether to prohibit its use. In the meantime, former Treasury Secretary Steven Mnuchin has indicated he wants to purchase the app.
Let’s Make a Deal
Mnuchin was one of the handful of Cabinet officials who remained for former President Donald Trump’s entire presidency. The investment banker and film producer is also one of America’s wealthiest individuals, with an estimated net worth of $400 million. He has suggested that he wants to invest some of his fortune in the social media app.
On March 14, Mnuchin sat for an interview with CNBC’s “Squawk Box.” He said he has spoken to “a bunch of people” about putting an investor group together and purchasing TikTok. He declared the social media app “should be owned by US businesses,” saying China would never allow an American company to own a similar app in its country.
Mnuchin is right. The Communist country has strictly limited the use of foreign social media apps because it wants to control what its citizens view. It’s also one of the reasons that some US lawmakers disagree with the legislation to ban the app.
Rep. Tom McClintock (R-CA) recently voted against the ban and explained his position, “The answer to authoritarianism is not more authoritarianism. The answer to [Chinese Communist Party]-style propaganda is not CCP-style oppression.”
Mnuchin didn’t say how much he thinks the app is worth or what the parameters of a deal might be.
TikTok Ban
The House bill to ban the social media app passed by 325–65. It’s headed to the Senate, where Majority Leader Chuck Schumer (D-NY) will decide whether to bring it to the floor for a vote. President Joe Biden has said he would sign the bill if lawmakers passed it.
TikTok was originally banned in the US under former President Donald Trump’s administration. The prohibition never went into effect, and President Biden rescinded it when he took office. The former POTUS has now come out against a ban on TikTok, claiming that if the US bans it, it will make Facebook bigger and claiming the American-owned company is the real “enemy of the people,” not the Chinese company.
Reports have alleged that American user data has been repeatedly accessed in China. The company has denied allegations that it turned over data to the CCP.
Copyright 2024, NewsReady.com
