Former US Treasury Secretary is negotiating the acquisition of TikTok

Former U.S. Treasury Secretary under the Trump administration, Steven Mnuchin, is actively working to create a group of investors to acquire the Chinese company ByteDance, the owner of the social network TikTok. This became relevant after the adoption of a bill that could lead to a ban on TikTok in the United States.

According to CNBC, the U.S. House of Representatives passed a bipartisan bill that would sell or restrict TikTok's operations in the United States. This encourages Mnuchin to create a group of investors to acquire the social network.

"I think the bill should be passed and it should be implemented," Mnuchin said on CNBC's Squawk Box program. "It's a great business, and I plan to form a group to buy TikTok," he added.

The bill has now been sent to the Senate, and its fate remains uncertain. However, President Joe Biden has already stated that he will sign the law if it reaches his desk.

Mnuchin emphasizes that TikTok should be owned by American business, especially in the context of the Chinese government's presence in the company, which could cause serious resentment from the US government.

It is worth noting that TikTok's CEO, Shou Zi Chu, has hinted that selling the social network is not an option. Nevertheless, Mnuchin is confident in the need to implement this deal and is actively looking for other investors to participate.

Although the former finance minister did not disclose who exactly would be part of the investor group, the potential value of the deal is also unknown. However, he is not the only one who has shown interest in acquiring TikTok: former Activision Blizzard CEO Bobby Kotick is also considering participating in the deal along with other partners.