Ex-Treasury Secretary Steven Mnuchin says he is assembling a group of investors to purchase the popular social media platform TikTok, owned by Chinese company ByteDance.

This move comes as a bipartisan bill, which could potentially ban TikTok in the U.S., makes its way through Congress. The bill, already passed by the House of Representatives, would require ByteDance to divest from TikTok or face a ban in the U.S.

Mnuchin, who now heads Liberty Strategic Capital, expressed his support for the bill and his intention to buy TikTok, citing it as a “great business.”

There are existing ties between Liberty and ByteDance, with SoftBank Vision Fund being a common investor in both.

Biden Says He Would Sign Bill

The bill’s future in the Senate remains uncertain, but President Joe Biden has indicated he would sign it into law if it reaches his desk. Mnuchin and other lawmakers argue that TikTok should be owned by U.S. businesses, citing concerns over Chinese government influence.

However, it’s unclear whether the Chinese government would allow ByteDance to sell TikTok to a U.S. entity. TikTok has been actively lobbying against the bill, and CEO Shou Zi Chew has suggested that a sale is not on the table.

ByteDance was valued at $220 billion in its last funding round in 2023. The exact valuation of TikTok is unknown, but it is expected to be less. TikTok’s algorithm, its most valuable asset, is also a point of concern for lawmakers due to its Chinese origins.

Mnuchin has not disclosed the potential investors or the valuation for TikTok. Other potential buyers include former Activision Blizzard CEO Bobby Kotick.

Read more at CNBC.