Mnuchin Gears Up to Buy TikTok

Mnuchin Gears Up to Buy TikTok. Hey, check this out: Steven Mnuchin, who used to be the Treasury Secretary, is getting ready to buy TikTok! Yeah, you heard that right.

The Scoop

A Bipartisan Bill Threatens TikTok

 Mnuchin thinks it’s a good idea for TikTok to be sold, and he’s all set to make a move.

Mnuchin’s Plan

Building an Investor Group

Mnuchin heads Liberty Strategic Capital, and he’s not wasting any time. He’s getting a bunch of investors together to make a play for TikTok. And here’s the interesting part: Mnuchin’s Liberty and ByteDance have a connection.

What’s Next?

Senate’s Turn

Now, the bill heads to the Senate.

Why the Fuss?

TikTok’s Influence

Lawmakers on both sides are worried about TikTok’s influence in the U.S. Lots of people use it—about 170 million Americans, according to TikTok. Some big tech investors aren’t fans either, saying it’s not a good thing.

TikTok’s Response

Pushing Back

TikTok isn’t taking this lying down. They’re fighting against the bill, even reaching out to their users for support. TikTok’s CEO hinted that selling the app isn’t on the table. And China isn’t too happy about the bill either, calling it “robber’s logic.”

The Numbers

What’s TikTok Worth?

One of TikTok’s biggest assets is its algorithm, which serves up content to users. Without it, TikTok might not be as attractive to buyers.

Mnuchin’s Moves

Getting Things Done

Mnuchin’s not new to making deals. His company, Liberty Strategic Capital, recently led a $1 billion investment to help out New York Community Bancorp. Back when Mnuchin was Treasury Secretary under Trump, the administration had beef with TikTok. But things changed, and now Trump’s against banning TikTok.