Former U.S. Treasury Secretary Steven Mnuchin is assembling an investor group to pursue the acquisition of TikTok, according to a report from CNBC.

Former Treasury Sect. Steve Mnuchin on CNBC says he is putting “together a group” of investors to buy TikTok

“I think the legislation should pass and I think it should be sold. It’s a great business and I’m going to put together a group to buy TikTok. This should be owned by… pic.twitter.com/u6ruuZNmZJ

— Mona Salama  (@ByMonaSalama) March 14, 2024

This development comes on the heels of the U.S. House of Representatives passing a bill that would compel ByteDance, the Chinese owner of the popular short-video app, to divest its U.S. assets within approximately six months or face a ban.

In response to the bill, TikTok characterized it as a “ban” and urged senators to heed the concerns of their constituents before making any decisions.

Read more – The US bill that could test digital dollars

“I think the legislation should pass and I think it should be sold,” Mnuchin remarked during an interview on CNBC’s “Squawk Box” on Thursday.

“It’s a great business and I’m going to put together a group to buy TikTok,” he added.

TikTok CEO Shou Zi Chew said that the company intends to exercise its legal rights to prevent a ban.

The prospect of Mnuchin leading an investor consortium to acquire TikTok signals a potential shift in the app’s ownership landscape amid ongoing regulatory scrutiny and geopolitical tensions.