On March 13, the US House of Representatives passed a bill that could result in a ban on TikTok in the country. The bill, titled “To protect Americans from applications controlled by foreign rivals,” accuses TikTok of sending American users’ personal data to China. If the bill is passed, the Chinese company ByteDance, which owns TikTok, will have six months to sell the platform to avoid being blocked in the United States.
Former US Treasury Secretary Steven Mnuchin has announced plans to organize a group of investors to purchase TikTok. In an interview with CNBC, he revealed this plan and expressed his support for the bill that aims to protect American national security interests by preventing foreign companies from owning popular digital platforms like TikTok.
Mnuchin believes that it is crucial for an American company to own TikTok and control its data, which could be used for espionage purposes by foreign governments. He also argued that it would be better for American businesses and entrepreneurs if they had access to this valuable platform and its user base.
ByteDance’s value in a 2023 investment round was $220 billion, but the specific value of TikTok alone is unknown. The potential sale of TikTok and its impact on the digital landscape remains a topic of significant interest and debate in the tech industry.
The proposed ban on TikTok has sparked controversy among technology experts who argue that it would have far-reaching consequences beyond just limiting access to this social media platform. They warn that such restrictions could lead to censorship and stifle innovation in the tech industry.
The fate of TikTok remains uncertain as it continues to face pressure from US lawmakers and regulators who are concerned about its ties with China. As tensions between these two superpowers escalate, there is no telling what will happen next in this high-stakes game of chess involving digital platforms and national security interests.
