WATCH: Former Treasury Secretary Steve Mnuchin Is Putting Together A Group To Buy TikTok

During an appearance on CNBC's 'Squawk Box,' former Trump Treasury Secretary Steven Mnuchin announced that he is putting together a group to purchase the Chinese-owned platform TikTok after a bill that would force the Chinese company Bytedance to divest their holdings and sell to an American company passed through the House of Representatives.

"I think the legislation should pass, and I think it should be sold," Mnuchin, who now leads Liberty Strategic Capital, told the CNBC hosts. "I understand the technology. It's a great business, and I'm going to put together a group to buy TikTok...This should be owned by US businesses. There is no way that the Chinese would ever let a US company own something like this in China." The former Trump appointment explained that he's spoken to a number of individuals, but he refused to reveal any names who may be involved. 

As previously reported by the DC Enquirer, the House of Representatives voted overwhelmingly to pass the TikTok divestment bill through the lower chamber and to the Senate, which is currently facing an uncertain fate. The final vote saw 352 lawmakers voting in favor of the bill while 65 voted against it. The vote saw several strange bedfellows, with Rep. Chip Roy (R-TX) voting alongside former Speaker Nancy Pelosi (D-CA) and Rep. Marjorie Taylor Greene (R-GA) voting alongside Rep. Maxwell Frost (D-FL).

Proponents of the legislation cited the potential national security threat that TikTok poses, given its ties to the Chinese Communist Party and its potential to influence the millions of young minds that use the app daily. Critics of the legislation, however, pointed out the potential First Amendment concerns with the legislation and worried that the bill was too broad and could be used against other companies.

TikTok previously attempted to pressure lawmakers into not passing the bill out of committee, but their pressure campaign backfired when all 50 members, both Republican and Democrat, voted to advance the bill. The legislation would ban TikTok from US app stores if Bytedance refused to divest from the company within 165 days after President Biden signed the bill. 

Some notable companies have already voiced their interest in purchasing the video platform. Rumble CEO Chris Pavlovski wrote in a letter to ByteDance that his company would be interested in buying the platform alongside other interested parties. As the possibility of TikTok's divestment becomes increasingly likely, American companies, left and right, will be looking to purchase the social media giant.

Trump’s Treasury Secretary Steve Mnuchin says he’s putting together a group to buy TikTok

Later in the interview, he says he speaks with Trump regularly 👀 pic.twitter.com/FdUnlJkjps

— johnny maga (@_johnnymaga) March 14, 2024