Former Treasury Secretary Mnuchin Plots TikTok Takeover Amid National Security Concerns

WebProNews
Former Treasury Secretary Mnuchin Plots TikTok Takeover Amid National Security Concerns

Former Treasury Secretary Steven Mnuchin recently appeared on CNBC’s Squawk Box to discuss various topics, ranging from market trends and inflation to the White House’s new budget plan. However, the conversation swiftly turned to the contentious issue of TikTok and its implications for national security.

Mnuchin, who previously chaired the Committee on Foreign Investment in the United States (CFIUS), wasted no time expressing his stance. He reiterated his belief that TikTok should be divested and sold to a U.S. entity, echoing his previous efforts during the Trump administration.

“I had President Trump sign an order that TikTok had to be sold, and I continue to believe that,” Mnuchin asserted. “It should be owned by U.S. businesses. There’s no way the Chinese would ever let a U.S. company own something like this in China.”

When pressed about his plans to purchase TikTok potentially, Mnuchin confirmed his intention to assemble a group of investors for the acquisition. He emphasized the need for TikTok to be controlled by U.S. businesses, citing concerns about data privacy and national security.

“It’s a great company, and it would be terrible if it were to shut down,” Mnuchin remarked. “We need a competitor to Facebook, Instagram, and YouTube.”

Addressing logistical challenges regarding the divestiture process, Mnuchin acknowledged the complexities involved but remained optimistic about the feasibility of completing the sale within a six-month timeframe. He stressed the importance of rebuilding TikTok’s infrastructure within the United States to ensure compliance with regulatory standards and safeguard user data.

As the conversation delved deeper into the geopolitical implications of TikTok’s ownership, Mnuchin refrained from speculating on President Trump’s current stance on the issue. Instead, he emphasized the bipartisan consensus regarding the need to prevent Chinese control over TikTok and expressed hope for a mutually beneficial resolution.

Overall, Mnuchin’s remarks underscored the urgency of addressing the national security risks posed by TikTok while advocating for a strategic divestiture plan that prioritizes American interests. As discussions surrounding TikTok’s fate continue to unfold, Mnuchin’s insights offer valuable perspectives on the intersection of technology, commerce, and national security in the digital age.

Former Treasury Secretary Mnuchin Plots TikTok Takeover Amid National Security Concerns
Staff

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