WASHINGTON — In a move amidst escalating tensions over digital security, former Treasury Secretary Steven Mnuchin has announced plans to lead a consortium of investors in the acquisition of TikTok, the widely-used social media platform. This announcement follows on the heels of a decisive action by the US House of Representatives, which passed a bill that could lead to the prohibition of TikTok or necessitate its sale to a US-based entity.
Mnuchin, who served under the Trump administration, highlighted the platform’s vast user base as a significant asset.
The legislative measure, which passed with a bipartisan majority of 352-65, signals a strong stance by the US government against potential national security threats posed by foreign-owned applications. The bill, if signed into law by President Joe Biden, would set a five-month deadline for TikTok to disentangle itself from its Chinese parent company, ByteDance, or face a ban from US app stores.
Proponents of the bill have raised concerns over the possibility of the Chinese government leveraging ByteDance to access data from American users, citing Chinese intelligence laws that could compel such action.
The future of the bill in the Senate remains uncertain, with Senate Majority Leader Chuck Schumer yet to outline a clear path forward. However, bipartisan support is evident, with Senate Intelligence Committee Chairman Mark Warner and Senator Marco Rubio advocating for the bill’s passage, reflecting the urgency of addressing cybersecurity concerns at the national level.