Steven Mnuchin Says He's Building a Team to Buy TikTok

Facts

Former US Treasury Secretary under former Pres. Trump Steven Mnuchin announced that he's building a team of investors to try and buy the Chinese-owned social media app TikTok, which is estimated to be worth upwards of $100B.¹
Mnuchin's business venture is in response to the US House of Representatives passing a bill that would ban the app unless its Chinese-owned parent company Bytedance sells its stake in the company.²
The bill passed the House by a margin of 352-65 and goes to the Senate next. However, some senators are trying to slow the vote to give them time to review the bill, which, if passed now, would force a sale by September, before the 2024 election.³
Meanwhile, Mnuchin, who previously urged Trump to ban the app while in office, argued that there was 'no way the Chinese would ever let a U.S. company own something like this in China.'⁴
Other business concerns include the potential regulatory aspect should a major tech firm buy the app. Prospective buyers not already in the social media business would also take into account recent complaints over the industry's effects on children.⁵

Narrative A, as provided by National Review. Americans and their representatives have long known the dangers posed by TikTok — all they needed was an American buyer to keep the tremendously valuable app alive once it's out of PRC hands. With cash being the only other unsolved problem, Steve Mnuchin, alongside several other investors, is willing to be that solution. TikTok will remain accessible to millions of Americans while also safe from the prying eyes of Beijing.
Narrative B, as provided by The Street. Senators are still unsure whether to pass this bill because of its potential effects on US trade with China. Some of the largest American companies rake in significant portions of their revenue thanks to business with the PRC, and this bill would give Beijing an excuse to start accusing American tech companies of spying. Even if it passes, China can simply find backchannels like data brokers to buy Americans' data. Instead of threatening the US economy, Congress should pass data privacy laws that prohibit all companies from harvesting user data.
Cynical narrative, as provided by Brennan Center for Justice. The current bipartisan zeal focusing on banning TikTok and relations with Beijing is a red herring considering the amount of domestic surveillance undertaken by the US federal government with the help of Silicon Valley. America's TikTok drama distracts from a serious privacy issue much closer to home.