Ex-Treasury Secretary Mnuchin Announces Plans to Assemble Investor Team for TikTok Purchase Amidst Potential Ban
Former United States Treasury Secretary Steven Mnuchin announced on Thursday, August 5th, that he is in the process of putting together a team of investors to submit a bid for acquiring TikTok. This revelation comes on the heels of the House passing a measure the previous day, which either prohibits the Chinese-owned social media giant from operating in the US or compels it to sell its American assets to an American company.
Mnuchin made this disclosure during a CNBC interview, expressing his conviction that TikTok is “a great business” and elaborating on his plans to acquire it. Despite the likelihood of TikTok currently being unprofitable, Mnuchin believes that “it’s worth a lot of money.”
In regards to the proposed acquisition, Mnuchin revealed his intentions to grant existing US investors an opportunity to retain their stakes in TikTok. However, he emphasized that no single entity would be permitted to hold more than a 10% stake in the company to maintain balance and fairness among investors.
This developing story is subject to further updates as more information becomes available regarding both the potential acquisition and the legislative proceedings that could impact TikTok’s presence in the United States. Stay tuned for additional details.
H2: Mnuchin’s Investor Team Targets TikTok Amidst Potential Ban
Former Treasury Secretary, Steven Mnuchin, unveiled his plans to assemble a team of investors with the intention of submitting an offer to purchase TikTok amidst ongoing legislative efforts that may lead to a ban or forced sale of the Chinese-owned social media platform in the United States.
H2: Existing US Investors Offered Opportunity to Retain Stakes
Mnuchin intends to grant existing US investors the chance to maintain their interests in TikTok as part of his proposed acquisition plans. The former Treasury Secretary highlighted that no single entity would be permitted to hold more than a 10% stake in the company, emphasizing fairness and balance among investors.
H2: TikTok Valued as “Great Business,” Despite Current Unprofitability
Despite the likelihood that TikTok is currently unprofitable, Mnuchin expressed his belief in the value of the social media platform and declared it to be a “great business.” The former Treasury Secretary’s team is in the process of putting together a bid for acquiring TikTok, further highlighting the potential worth of this dynamic and popular platform.
H2: Developing Story: Updates to Follow on Potential TikTok Acquisition and Legislative Proceedings
This developing story continues to unfold as the potential acquisition of TikTok by Mnuchin’s investor team intersects with legislative proceedings that could impact the social media giant’s presence in the United States. Stay tuned for further updates as more information becomes available on both fronts.
