2024-03-15 08:36:00
▲ TikTok ban｜Former U.S. Treasury Secretary Mnuchin: A consortium is being formed to acquire TikTok, which should be owned by American companies
- Former U.S. Treasury Secretary Mnuchin said he is forming a consortium to acquire TikTok
- Mnuchin thinks bill should pass, and should be sold
- Video sharing website Rumble has previously expressed interest in acquiring TikTok, and there are also reports that the former CEO of Activision Blizzard is considering acquiring TikTok.
After the TikTok divestiture bill was passed by the U.S. House of Representatives, although it has not been passed by the Senate, the whereabouts of ByteDance’s TikTok has attracted much attention. Former U.S. Treasury Secretary Steven Mnuchin said that he is forming an investor group to try to acquire TikTok.
Mnuchin said he believed the bill should be passed and TikTok should be sold. He also said that this is a great company and will form a team to acquire TikTok. He also said that this should be owned by American companies. “The Chinese will never let American companies operate such companies in China.”
He believes that as long as technology transfer is not carried out, the Chinese government will support the sale of TikTok.
TikTok’s high valuation means multiple equity investors are needed to join before an acquisition can be launched
Reports indicate that although Mnuchin’s investment company Liberty Strategic Capital raised approximately US$2.5 billion in 2021, TikTok’s high valuation means that multiple equity investors will need to join before potential acquisitions can be carried out. Bloomberg Intelligence calculates that TikTok’s U.S. business will be worth $35 billion to $40 billion.
Previously, the video sharing website Rumble (US: RUM) has expressed interest in acquiring TikTok. Rumble CEO Chris Pavlovski said that if ByteDance spins off TikTok, Rumble is ready to form a consortium with other parties to seek to acquire and operate TikTok in the United States. The news stimulated Rumble’s stock price to surge by 18% that day.
Rumble previously expressed interest in acquiring Activision Blizzard’s former CEO and is rumored to be considering an acquisition
In addition, there were earlier reports that Bobby Kotick, the former CEO of Activision Blizzard (US: ATVI), contacted ByteDance founder Zhang Yiming and considered acquiring TikTok for $100 billion. However, ByteDance said the report was untrue and said that it had been verified , Zhang Yiming has not communicated relevant matters with anyone.
The U.S. House of Representatives Energy and Commerce Committee requires ByteDance to spin off TikTok within 165 days, otherwise TikTok will be banned from major app stores. U.S. President Biden said that if Congress passes the bill, he will sign it into effect.
related articles:
TikTok ban｜CEO Zhou Shouzi made a video calling on users to “protect your constitutional rights and let your voices be heard.” If the divestiture bill is implemented, the jobs of 300,000 people will be affected
TikTok ban｜The U.S. House of Representatives passed the TikTok divestiture bill by a high vote, forcing ByteDance to “ban and sell” the second choice but failed in the Senate
TikTok ban｜Rumble expresses interest in acquiring TikTok, stock price rises 18%
TikTok｜ByteDance denies that Activision Blizzard’s former CEO is considering acquiring TikTok Bytedance: Zhang Yiming has not communicated relevant matters with anyone
Editor in charge: Liang Haoshuo
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