Mnuchin says he’s assembling group to buy TikTok

Former Treasury Secretary Steven Mnuchin said Thursday that he is forming a group to buy TikTok after the House passed a bill that would require TikTok’s China-based parent company to sell.

“I think the bill should pass, and I think it should be sold,” Mnuchin said on CNBC’s “Squawk Box.” “This is great business. We’re forming a group to buy TikTok.” I intend to,” he added.

Mnuchin, who served as Treasury secretary under former President Donald Trump, pointed out that while in office, Trump signed an order requiring ByteDance to withdraw from TikTok’s U.S. operations. This order was later overturned in court.

“This should be owned by an American company,” Mnuchin said. “There’s no way China would let an American company own something like this in China.”

But President Trump opposed a House bill that could ban TikTok, arguing it would help Facebook and Meta CEO Mark Zuckerberg.

The former president was banned from Facebook in 2021 following the Capitol riot for spreading false claims about the 2020 election in the run-up to January 6, 2021. His account was reinstated last year.

President Trump also confirmed a meeting with Jeffrey Yass, a top Republican donor and major investor in ByteDance, but said the issue of TikTok did not come up.

Despite the former president’s opposition, the bill easily passed the House on Wednesday by a vote of 352-65. ByteDance must exit TikTok within 165 days or face a ban from U.S. app stores and web hosting services.

A bill to protect Americans from regulatory applications by foreign adversaries is currently before the Senate, and pressure is mounting to pass it. The White House on Wednesday urged the Senate to take “immediate action” on the bill.

“We are pleased that this bill is moving forward,” White House press secretary Karine Jean-Pierre told reporters aboard Air Force One, adding, “We hope the Senate will take swift action.” Ta.

Updated at 9:50 a.m. ET