Mnuchin, who is currently chairman of Liberty Strategic Capital, announced his plans in an interview with CNBC, Channel 24 reported. He highlighted the strategic overlap between Liberty Strategic and ByteDance’s previous investor, SoftBank Vision.

The fate of the bill currently pending in the Senate is not yet known, but the US president stated that he is ready to sign the bill if it reaches his desk.

What is TikTok worth?

At issue is TikTok’s ownership of its proprietary recommendation algorithm, which was developed in China and which lawmakers and potential buyers see as the platform’s most valuable and formidable asset. Without this, the attractiveness of the platform is significantly reduced.

While financial details of the potential deal were not disclosed, Mnuchin declined to disclose the social network’s valuation or identify the investors involved. However, important names such as Activision Blizzard’s former CEO Bobby Kotick and OpenAI’s Sam Altman have expressed interest in purchasing TikTok.

Meanwhile, the platform’s management is categorically against forced sales and is ready to fight against it. China’s foreign minister called the initiative by American lawmakers “a robber’s logic.”

TikTok’s future remains uncertain as tensions mount and negotiations continue, and the ramifications could have far-reaching effects on the tech industry and international relations.