News: 1710419546

  ARM Give a man a fire and he's warm for a day, but set fire to him and he's warm for the rest of his life (Terry Pratchett, Jingo)

Former US Treasury secretary Steve Mnuchin thinking about buying TikTok

(2024/03/14)


breaking news On the heels of the US House of Representatives passing a TikTok ban bill, former US Treasury secretary and private equity mogul Steve Mnuchin is apparently thinking about buying the platform.

Speaking to CNBC's pre-market team at Squawk Box, Mnuchin said he hoped the TikTok ban would pass in the Senate, forcing a sale of the platform to a US-based parent.

"It's a great business and I'm going to put together a group to buy TikTok," Mnuchin [1]told CNBC. Mnuchin didn't mention whether partners had been identified, or what phase the purchase was in.

[2]

The US House has passed a bill that would force Chinese TikTok parent company ByteDance to sell the company within six months, which Chinese officials have called “unfair.” Chinese foreign ministry spokesperson Wang Wenbin [3]said the US bill was “at odds with the principles of fair competition and international trade rules,” though we note China has banned US-based Meta’s products like Facebook and Instagram.

[4]

China would also need to approve the sale of TikTok to a US entity, something that analysts believe is unlikely to happen. “Any kind of divestiture and merger with another company would have to be approved by the Chinese government, who would probably reject that,” Albright Stonebridge associate partner Paul Triolo [5]told CNBC this morning.

This is a developing news story…

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[1] https://www.cnbc.com/2024/03/14/former-treasury-secretary-mnuchin-is-putting-together-an-investor-group-to-buy-tiktok.html

[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZfMtKc0SVtuT7XcQwnUOjgAAAQ4&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0

[3] https://www.cnbc.com/2024/03/14/tiktok-ban-china-would-block-sale-of-short-video-app.html

[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZfMtKc0SVtuT7XcQwnUOjgAAAQ4&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0

[5] https://www.cnbc.com/video/2024/03/14/china-unlikely-to-approve-bytedances-divestiture-of-tiktok-analyst.html

[6] https://whitepapers.theregister.com/



Why not?

The Man Who Fell To Earth

He's not in China's pocket. Oh, wait...

FILMS FINANCED BY STEVEN MNUCHIN WERE TAILORED TO APPEAL TO CHINA

https://theintercept.com/2020/09/22/films-steve-mnuchin-china-hollywood-censorship/

Go on... buy it

Anonymous Coward

And lose all your money as the Gen-Z users see that you are tied to the 'Orange Jesus' whoor wants to become a dictator on 20th Jan 2025.

nothing's shocking

Omnipresent

Wouldn't surprise me if russia or the saudis had a hand in it as well. When is the world going to learn? Get the flip off the internet. Your children are being used as pawns in an online war. Frumpy and his cronies are traitors.

Re: nothing's shocking

Jellied Eel

Wouldn't surprise me if russia or the saudis had a hand in it as well. When is the world going to learn?

Err.. No. Well, other than perhaps becoming targets. TikTok is the test case for a forced fire sale. Apparently on 'national security' grounds because China can ask Chinese companies to divulge data. The US can of course ask US companies exactly the same thing under national security letters. If this theft goes through though, there'll be scope for picking other cherries. So force the sale of Telegram to a US investor. Or the big one, Twitter/X.

Re: TikTok is the test case for a forced fire sale.

Anonymous Coward

Very good. Trump Towers and Mar-a-Lardo will be next when old Trumpo can't pony up the approx $500M for the NYC fraud case.

When will Elon call it quits with Twatter? He's in the hole for a shed load of money and some of the notes are coming due soon.

Re: TikTok is the test case for a forced fire sale.

Jellied Eel

Very good. Trump Towers and Mar-a-Lardo will be next when old Trumpo can't pony up the approx $500M for the NYC fraud case.

Despite being one of the largest Florida plats, Mar-a-Largo at 17 acres, with a 62,500 sq ft residence on it is apparently only worth around $18m. Which gets somewhat amusing because if it's flogged off at auction to pay the $500m fine, it might reveal a more accurate valuation and there was no fraud. Well, there was no real fraud anyway given nobody lost any money.

When will Elon call it quits with Twatter?

Who cares? But if Democrats can't engineer a default, then perhaps they can use this legislation to force divestment instead. If it ever passes, it'll be interesting to see how valuations are decided, or just any practicalities. So TikTok is banned from offfering services in the US, will have to hand over source code etc and somehow Munchkin's entity is going to be able to run a stand-alone US TikTok that will still integrate with the RoW version.

Re: TikTok is the test case for a forced fire sale.

Anonymous Coward

"Despite being one of the largest Florida plats, Mar-a-Largo at 17 acres, with a 62,500 sq ft residence on it is apparently only worth around $18m. Which gets somewhat amusing because if it's flogged off at auction to pay the $500m fine, it might reveal a more accurate valuation and there was no fraud. Well, there was no real fraud anyway given nobody lost any money."

The court ruling explains why the ruling was the way it was. Have you read it?

Re: TikTok is the test case for a forced fire sale.

Tom 38

Despite being one of the largest Florida plats, Mar-a-Largo at 17 acres, with a 62,500 sq ft residence on it is apparently only worth around $18m. Which gets somewhat amusing because if it's flogged off at auction to pay the $500m fine, it might reveal a more accurate valuation and there was no fraud. Well, there was no real fraud anyway given nobody lost any money.

Its value is limited because of its designation solely as a members club limits its potential revenue, and hence value. If it was a private residence, it would be worth a lot more, but its not a private residence so that Diaper Don can avoid paying taxes on it.

Re: TikTok is the test case for a forced fire sale.

Jellied Eel

Its value is limited because of its designation solely as a members club limits its potential revenue, and hence value. If it was a private residence, it would be worth a lot more, but its not a private residence so that Diaper Don can avoid paying taxes on it.

That seems negotiable, after all it started out as a private residence for Post. Then it got donated to government, who took one look at the running costs, went hell no! and handed it back. Only challenge seems to be it being a NHL, and that seems negotiable. So run it as a club generating more than the accepted NY tax valuation, breaking it up into seperate plats, building condos on it or whatever.

And yes, I read the court rulling and so have actual lawyers. Very few who seem to understand how the Judge came up with that amount for a fine in a victimless crime. Of course for the party that supposedly represents 'justice', the amount is a large chunk of Trump's empire, and has to be put into escrow before Trump can appeal. The judge was a loyal Democrat and as the judge is retiring soon, his work there is done.

Re: TikTok is the test case for a forced fire sale.

Jim Mitchell

We punish lots of "victimless" actions. From speeding to attempted murder.

Re: TikTok is the test case for a forced fire sale.

Jellied Eel

We punish lots of "victimless" actions. From speeding to attempted murder.

Rarely quite on this scale, and even more rarely for BAU stuff. So go look at NYC real estate. Realtor will say it's worth $XXX! You'll say "Is it bollox" and negotiate from there. The alleged victims said during the trial that they performed their own valuation and made their own decision.

Then of course some DA elected on a promise to 'Get Trump' creates a Trumped up charge and hits him with a modest $500m fine, waaay out of proportion to any harm done. And it's much the same with TikTok. Democrats have rarely been involved in anything that creates real value. They can, however recognise value and help themselves to $500m in 'fines', or just the US market for one of the most popular apps. And if it works, it's a gift that'll keep in giving. Musk is obviously under the direction or control of Putin, therefore he'll have 6 months to divest X/Twitter.

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