Ulterior Motive Much? Shady Trumper Has Plans to Buy TikTok
Former Treasury Secretary Steven Mnuchin revealed Thursday that he is building an investor group to buy TikTok, which could put a major resource for young people in the hands of one of Donald Trump’s allies.
Mnuchin’s announcement comes a day after the House of Representatives passed a bill that would force TikTok’s parent company, ByteDance, to sell the platform within six months or risk it being banned from U.S. app stores. The bill flew through the House with massive bipartisan support, and President Joe Biden—who is currently campaigning on TikTok—has promised to sign the measure if it reaches his desk.
“I think the legislation should pass, and I think it should be sold,” Mnuchin, who served as treasury secretary for Trump’s entire term, told CNBC Thursday morning. “It’s a great business, and I’m going to put together a group to buy TikTok.”
Mnuchin leads the private equity firm Liberty Strategic Capital. He did not indicate which other investors he might recruit or how much he planned to offer for TikTok. During his time in the Trump administration, Mnuchin came under fire when it was revealed that some large corporations applied for and received pandemic-era loans intended to help small businesses. Prior to the White House, Mnuchin ran the bank OneWest, where he was accused of profiting off the Great Recession housing crisis by foreclosing on homes and forcing the owners out.
If the TikTok bill passes, it will likely face lengthy battles before it can be implemented. Critics, including the ACLU, have slammed the measure as a free speech violation masked as national security concern.
“Make no mistake: The House’s TikTok bill is a ban, and it’s blatant censorship,” ACLU senior policy counsel Jenna Leventoff said in a statement after the House vote. “Today, the House of Representatives voted to violate the First Amendment rights of more than half of the country. The Senate must reject this unconstitutional and reckless bill.”
ByteDance, meanwhile, appears to have no intention of selling TikTok. The platform’s CEO Shou Zi Chew has indicated that selling isn’t an option.
China’s foreign ministry spokesperson Wang Wenbin accused the United States of violating “the principles of fair competition and international economic and trade rules.”
“If so-called reasons of national security can be used to arbitrarily suppress excellent companies from other countries, then there is no fairness and justice at all,” Wang said Thursday. “When someone sees a good thing another person has and tries to take it for themselves, this is entirely the logic of a bandit.”
Mnuchin is not involved in Trump’s reelection campaign, and he was reportedly privately furious with the former president over the January 6 attack. Just not furious enough to actually do anything, apparently: While Mnuchin condemned the violence, he was careful to avoid publicly criticizing Trump.
If Mnuchin succeeds in buying TikTok, this would mean that a Trump-sympathetic Republican would sit at the helm of a major information resource. As Representative Mike Gallagher, the House bill’s Republican co-sponsor, noted Wednesday, TikTok is “becoming the dominant news platform for Americans under 30.” If Mnuchin controls the app, he could attempt to influence what information can be shared on the platform.