Posted 3/14/2024, 3:24:44 PM
Mnuchin Explores Bid for TikTok as House Pushes for Sale from Chinese Owner
- Mnuchin wants to buy TikTok from its Chinese parent company ByteDance, just after leading a $1B rescue of New York Community Bancorp
- Mnuchin has spoken to potential co-investors, though details are unclear; his firm raised $2.5B in 2021 but would likely need more backers
- The US House passed a bill that would ban TikTok unless it finds a new owner within 6 months
- TikTok is estimated to be worth $35-40B; Mnuchin believes no investor would own over 10% and existing ones could roll over
- Mnuchin thinks China would support a TikTok sale if no tech transfer; he previously helped structure plans for "TikTok Global" under Trump
