Former Treasury Secretary Steven Mnuchin announced on Thursday his plans to form an investor group to buy TikTok, following the House passing a bill that would ban the popular video app in the U.S. if its China-based owner does not sell. Mnuchin, who served under President Donald Trump, stated during an interview on CNBC's “Squawk Box” that he believes TikTok should be owned by U.S. businesses and that he has been in talks with potential investors. The bill, which was passed by a vote of 352-65, now heads to the Senate for review, where its prospects remain unclear. President Joe Biden has indicated he will sign the bill if it passes in the Senate.

Lawmakers have raised concerns about TikTok's ownership structure posing a national security threat, with fears that Chinese authorities could access American user data or manipulate content on the platform. TikTok has denied these allegations and has vowed to resist any forced sale. Mnuchin emphasized the need for the app to be rebuilt in the U.S. with new technology if acquired by an investor group.

Potential buyers of TikTok, which could be valued at up to $50 billion, include former Activision-Blizzard CEO Bobby Kotick and large-cap tech companies such as Meta, Google, and Microsoft. However, any acquisition by a Big Tech firm would likely face scrutiny from antitrust regulators. Mnuchin also pushed back against the idea of allowing big tech companies to control TikTok, citing potential antitrust issues.

The fight over TikTok's ownership comes amid growing tensions between the U.S. and China over technology and data security. Mnuchin's efforts to buy TikTok align with Trump and his allies' concerns about social media platforms allegedly muzzling conservative voices. While some Republicans oppose the bill, arguing that Americans should be informed about security concerns but allowed to use the platform, Democrats have raised concerns about singling out one company when others also collect user data.

This is not the first time TikTok has faced a potential sale, with the Trump administration brokering a deal in 2020 that ultimately fell through. Mnuchin's move to buy TikTok highlights the ongoing debate over national security, data privacy, and free speech in the realm of social media.