Several business moguls have shown interest in acquiring TikTok despite government scrutiny in the US over alleged national security concerns related to its Chinese ownership. Former Treasury secretary Steven Mnuchin is one of them, as he is assembling a group of investors to make a bid for the app. Mnuchin plans to rebuild TikTok’s algorithm, even though it may be challenging, given competition from platforms like YouTube and Meta.
Mnuchin and TikTok both have connections to Japan’s SoftBank, but Mnuchin’s private equity firm, Liberty Strategic Capital, did not comment on his acquisition strategy. Former Activision CEO Bobby Kotick and Canadian businessman Kevin O’Leary have also considered buying TikTok.
However, potential buyers face obstacles in closing a deal, such as raising enough funds and TikTok’s reluctance to sell. TikTok argued that a sale may not be feasible due to Chinese regulations restricting certain technologies. Additionally, a group of TikTok creators filed a lawsuit against the federal government, claiming that separating TikTok from ByteDance would violate their free speech rights.
Overall, acquiring TikTok may be a challenging endeavor for interested buyers, as the app’s ownership and technology present significant obstacles.
