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Technology |
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Mnuchin assembling group to buy TikTok |
Former Treasury Secretary Steven Mnuchin said he is putting together a group to buy TikTok after the House passed a bill that would require the app's China-based parent company to divest or face a U.S. ban. |
© Jim Lo Scalzo/Pool via AP |
"I think the legislation should pass, and I think it should be sold," Mnuchin said on CNBC's "Squawk Box," adding, "It's a great business, and I'm going to put together a group to buy TikTok." Mnuchin, who served as Treasury secretary under former President Trump, noted that Trump signed an order requiring ByteDance to divest from TikTok's U.S. operations while he was in office. The order was later overturned in court. "This should be owned by U.S. businesses," Mnuchin said. "There's no way that the Chinese would ever let a U.S. company own something like this in China." Trump, however, has come out against the House bill that could ban TikTok, arguing it would help Facebook and Meta CEO Mark Zuckerberg. The former president was banned from Facebook in 2021 in the wake of the Capitol riot for spreading false claims about the 2020 election in the lead-up to Jan. 6, 2021. His account was reinstated last year. Trump also confirmed meeting with top GOP donor Jeffrey Yass, a major investor in ByteDance, but said the issue of TikTok did not come up. Despite the former president's opposition, the legislation easily passed the House in a 352-65 vote Wednesday. The bill would require ByteDance to divest from TikTok within 165 days or face a ban on U.S. app stores and web hosting services. Read more in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. | |
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How policy will be impacting the tech sector now and in the future: |
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Pornhub has disabled its site in Texas to object to a state law that requires the company to verify the age of users to prevent minors from accessing the site. Texas residents who visit the site are met with a message from the company that criticizes the state's elected officials who are requiring them to track the age of users. The company said the newly passed law impinges on "the rights of adults to access protected speech" … |
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| The House voted overwhelmingly in favor of legislation Wednesday that could potentially ban TikTok in the U.S. If enacted, the Protecting Americans from Foreign Adversary Controlled Applications Act would force ByteDance, TikTok’s China-based parent company, to sell the app or be banned from U.S. app stores and web hosting services. Here are five things to know about the potential TikTok ban: TikTok is not yet banned … |
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Fox News host Brian Kilmeade and Sen. Rand Paul (R-Ky.) clashed on air Thursday over a potential TikTok ban in the United States and the ownership of the company. Paul joined Kilmeade on "Fox & Friends" just after the House passed a bill that could ban TikTok in the U.S., handing the Senate the task of deciding whether the controversial legislation will land on President Biden's desk. The bill would force TikTok's China-based … |
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The Securities and Exchange Commission (SEC) accused Elon Musk on Wednesday of distorting the scope of its investigation into his 2022 purchase of Twitter as the agency attempts to force him to sit for a deposition. "Musk continues to distort the true scope of this investigation — his only hope for establishing that the SEC is not seeking relevant evidence," the agency wrote in a new filing. The SEC sued Musk in October to … |
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News we've flagged from the intersection of tech and other topics: |
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How Gen Z is using Facebook |
Although Facebook has become less popular in use by Generation Z, users in their 20s are using the site for its marketplace over its traditional social network features, The New York Times reported. |
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SpaceX test flight makes progress |
SpaceX's Starship, the largest rocket ever built, accomplished more during its third test flight on Thursday than it had in two previous launches, TechCrunch reported. |
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Branch out with other reads on The Hill: |
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The League of Women Voters is suing those involved in robocalls sent to New Hampshire voters |
CONCORD, N.H. (AP) — The League of Women Voters filed a lawsuit Thursday seeking to prevent those who sent robocalls mimicking President Joe Biden' s voice to New Hampshire voters from using artificial intelligence for future deceptions. The lawsuit was filed in federal court in New Hampshire against … |
LONDON (AP) — Britain’s high court ruled Thursday that an Australian computer scientist is not, as he claimed, the mysterious creator of the bitcoin cryptocurrency. Craig Wright has for eight years claimed that he was the man behind "Satoshi Nakamoto," the pseudonym that masked the identity … |
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Two key stories on The Hill right now: |
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Remarks last week by Federal Reserve Chair Jerome Powell about a spate of coming bank failures related to the faltering commercial real estate sector … Read more |
| Senate Republican Leader Mitch McConnell (Ky.) on Thursday again pressed Speaker Mike Johnson (R-La.) to take up the Senate-passed national security … Read more |
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Opinions related to tech submitted to The Hill: |
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You're all caught up. See you tomorrow! |
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