Steve Mnuchin, the Treasury secretary under the Trump administration, said Thursday that he is organizing a group to buy TikTok as a bill proceeds through Congress that would force the popular social media app to either be sold or be banned.
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A bill to require the Chinese company Bytedance to divest its stake in TikTok within 165 days or face a ban on the popular smartphone application in the U.S. passed on the House floor in a bipartisan vote on Wednesday.
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In the dynamic landscape of global entertainment, the influence of Beijing over Hollywood has long been a topic of heated discussion. While the box office power of the Chinese market has waned, giving a breath of creative freedom back to our filmmakers, there looms a new and more pervasive form of influence on Hollywood and well beyond: TikTok.
Beijing may have lost theatrical market leverage, but it has more than made up for that with an overpowering social media presence that has become an epidemic, not just in Hollywood but throughout the United States. In fact, the Chairman of Congress’s Select Committee on China, Rep. Mike Gallagher (R-WI), accurately labels TikTok as “digital fentanyl” and has been aggressively campaigning to ban the social media app.
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TikTok continues to distribute data to its Beijing-based parent company ByteDance despite its purported efforts to protect American data, The Wall Street Journal reported on Tuesday.
TikTok attempted to address concerns from lawmakers and public officials over its handling of Americans’ data by spending $1.5 billion on establishing an isolated unit to safeguard American data called Project Texas. However, managers within TikTok are telling employees to share data to ByteDance, bypassing authorized channels, according to current and previous employees as well as company records the WSJ saw.
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