Former Treasury Secretary Steven Mnuchin is interested in buying TikTok

New York (CNN) — Former Treasury Secretary Steven Mnuchin said Thursday he’s assembling a team of investors to make a bid to buy TikTok.

Posted 12:28 p.m. Mar 14 — Updated 12:28 p.m. Mar 14

Elisabeth Buchwald

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Matt Egan, CNN

CNN — New York (CNN) — Former Treasury Secretary Steven Mnuchin said Thursday he’s assembling a team of investors to make a bid to buy TikTok.

This comes a day after the House passed a measure to ban the Chinese-owned social media giant or force a sale to a US-operated owner.

“It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told CNBC Thursday morning. Even though TikTok is likely unprofitable, “it’s worth a lot of money,” he added.

Mnuchin said he would give existing US investors the option to roll over their stakes in TikTok but stressed that no entity would have more than 10% control.

This is a developing story and will be updated.

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