Key senator criticizes Mnuchin’s TikTok bid, ties to Gulf money

Semafor ^ | March 19 | Liz Hoffman

[RandFan]

Sen. Ron Wyden, the chair of the powerful Senate Finance Committee, sharply criticized former Treasury Secretary Steven Mnuchin, and his ties to money from the Middle East, in his effort to buy TikTok from its Chinese owner.

Mnuchin told CNBC last week that he’s assembling a group of investors to buy the platform after the House overwhelmingly passed a bill forcing it to either be sold within six months or banned from app stores. The White House has urged the Senate, where the bill has powerful backers and opponents in both parties, to move quickly.

Mnuchin gave few details on who might be part of his bidding group except to say he was working with a “combination of U.S. investors.” But much of the $2.5 billion investment fund he raised after leaving office came from governments in Saudi Arabia and other Gulf states, where Mnuchin was a frequent visitor during his time in government.

[RandFan]

Be careful what you wish for.

They want to steal TikTok on the cheap and give it to the House of Saud?

I don't get it.

Always follow the money. And Big money at stake here.

[Republican Wildcat]

You’re not wrong on this.

Stopping one evil does not mean another evil is not lurking about.

[Gene Eric]

Remember when Josef Stolen killed the Oracle deal?

[RandFan]

So what’s the play here? He wants to take it off the Chinese?

Biden claims he will sign the bill ...

Or is it just theater?

The Senate might not take this up as it’s doomed in the courts

[Gene Eric]

Every at this point is about November, so he’s riding the political wind.

[momincombatboots]

Ingress passed a law so they only, can insider trade. This was always about cashing in. If they were concerned about China they would close the border
Any time they say it’s for the children, it’s a euphemism for cash in their banking accounts. Their family members and “acquaintances”. #corruptocrats