NonilexMar 30, 2024

Fmr #Trump treas sec #Mnuchin is telling investors he has a plan to buy #TikTok

Mnuchin told potential backers he aims to maneuver around its price of >$100B & #China’s ban of the export of recommendation #algorithms.

He indicated he could overcome those hurdles by offering to buy the #app w/o the export-blocked #code, essentially forcing his consortium to remake a service built on billions of lines of code.

#tech #SocialMedia #business #policy #regulation
https://www.washingtonpost.com/technology/2024/03/30/tiktok-mnuchin-sale-algorithm/

Mnuchin’s plan to buy TikTok has some insiders bewildered

Mnuchin’s proposal to buy TikTok without its algorithm from its Chinese owner has drawn skeptical reactions, including from those he’s pitched.

The Washington Post
Show threadNonilex
Observers, & ≥1 person familiar w/the pitch, have said the idea is so far-fetched that it suggests a lack of familiarity w/how #tech companies work. #TikTok users flocked to the #app bc of its surprising suggestions for videos they might like, & there’s no guarantee any #Mnuchin-driven version could duplicate that success — or beat rivals like #Meta & #Google, who have worked for yrs to mirror the experience w/in their own respective apps, #Instagram & #YouTube.

#algorithms #SocialMedia #policy
Mar 30, 2024 at 3:38pmWeb
Show threadNonilexMar 30, 2024

“Everyone wants to build a #TikTok-level #algorithm. That’s a key element of competition in… #tech …right now,” said Matt Perault, UNC prof & fmr #Facebook dir who studies tech #policy.

“…the biggest cos have thrown a lot of money & #engineering talent at that issue & have struggled to do it. If #Mnuchin thinks he can do that & succeed where…successful cos have struggled, good luck.”

Mnuchin, [is] a fmr hedge fund mngr & Hollywood producer w/no #SocialMedia experience….

#algorithms #business

Show threadRobert HMar 30, 2024

@Nonilex

It would be a return to the British system of the 18th century, where money and power is concentrated in a few, the landed gentry, who freed from inheritance tax, would be a permanent ruling class.

Update for the 21st century: Mnuchin and Zuckerberg control social media. Bezos and the Waltons control retail. The rest of us work and rent everything.

Show threadNonilexApr 1, 2024
@Stinson_108
Aren’t we there already? at least ⅘ of the way.