Former US Treasury Secretary Steve Mnuchin is working to gather investors to purchase the popular video-sharing app TikTok, as concerns over user privacy and national security continue to swirl. The House of Representatives recently passed a bill that would ban TikTok unless its Chinese parent company, ByteDance, sells off its US operations.
Mnuchin, speaking on CNBC’s Squawk Box, stated his belief that TikTok should be owned by American companies. Despite his efforts, ByteDance has not shown any intention of selling the app. This is not the first time there have been efforts to transfer control of TikTok to US entities, with a proposed deal involving Oracle and Walmart falling through in 2020.
US lawmakers argue that TikTok poses a security threat due to its large number of American users, fearing that user data could be shared with the Chinese government. President Joe Biden has indicated that he would sign the bill into law if it reaches his desk. However, ByteDance has denied allegations of sharing user data with the Chinese government, criticizing the House’s actions as baseless.
Civil liberties groups, including the ACLU, have also raised concerns about the potential ban of TikTok, arguing that it would infringe upon freedom of expression. The debate surrounding TikTok and its ownership is likely to continue as the app remains popular among users, despite ongoing controversies.
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