Former Secretary of the U.S. Treasury Steven Mnuchin mentioned he’s arranging a workforce of traders to buy Chinese social media large TikTok from its proprietor ByteDance.
On Wednesday, the U.S. House of Representatives overwhelmingly authorised a invoice that will power TikTok to divest from its father or mother firm or face a nationwide ban.
Mnuchin mentioned he strongly supported the invoice, which should now go to the Senate for approval.
U.S. President Joe Biden helps the invoice and has vowed to signal it if handed.
“I think the legislation should pass and I think (TikTok) should be sold,” Mnuchin advised CNBC.
Mnuchin, who served for 4 years as former president Donald Trump’s Treasury Secretary, mentioned that TikTok was “a great business and I’m going to put together a group to buy” the embattled app.
“This should be owned by U.S. businesses. There’s no way that the Chinese would ever let a U.S. company own something like this in China,” Mnuchin mentioned.
Earlier on Thursday a Chinese commerce ministry official mentioned the U.S. ought to “stop unjustly suppressing foreign companies” and take “all necessary measures to resolutely safeguard its legitimate rights and interests.”
Another official in Beijing mentioned the U.S. was “following the logic of a bandit” with the regulation.
Source: www.dailysabah.com