Potential Acquisition: Former US Treasury Secretary Leads Consortium of Investors Eyeing TikTok Purchase Amid Possible Sale Mandate in America.

Additional issues have arisen after the United States Congress approved the legislation to separate TikTok from its parent company ByteDance. Otherwise, the platform would have to cease operations in the country. However, there are still steps in the approval process from Congress. Nevertheless, there are individuals assembling teams ready to purchase TikTok.

The individual bringing this news to light is Steven Mnuchin, former Secretary of the Treasury under the Donald Trump administration. He mentioned collaborating with a group of investors to collectively invest in acquiring TikTok. Should this legislation receive official approval, Mnuchin anticipates that Congress will ultimately endorse it, leading ByteDance to sell off TikTok. Mnuchin did not disclose the identities of the investors he has reached out to.

On the contrary, the Chinese government representatives have expressed their opposition. The Ministry of Commerce of China stated that the United States should act fairly and refrain from pressuring foreign companies in this manner. China will pursue all avenues to ensure fairness. Similarly, the Chinese Ministry of Foreign Affairs stated that this directive goes against the principles of competition and international trade agreements.

Although the United States may issue a directive for ByteDance to sell off TikTok, this deal must also be approved by the Chinese authorities. In light of the latest developments, Shou Zi Chew, TikTok’s CEO, mentioned that selling off the business may not be the preferred course of action for ByteDance at this juncture.

Source: CNBC and Channel News Asia

TLDR: The US Congress approves TikTok’s separation from ByteDance, prompting potential investors to prepare for acquiring TikTok. Meanwhile, Chinese government representatives express opposition to the move, emphasizing the need for fairness and adherence to competition principles. The sale of TikTok must be approved by Chinese authorities, with ByteDance’s CEO hinting that selling the business may not be the optimal choice currently.