Popular businessman and Shark Tank star Kevin O’Leary announced on Monday that he is near a deal to acquire TikTok’s US operations ahead of the January 19 deadline when the popular Chinese-owned app may be banned in the US unless it sells its American business.
Speaking on Fox News “The Story with Martha MacCallum,” O’Leary said that he would need President-elect Donald Trump to help him close the deal. “Trump will be who we have to work with to close the deal in the months ahead,” O’Leary said, underlining the necessity of collaboration with Trump and his team for the acquisition to be completed.
O’Leary also posted on social media that he is teaming up with Frank McCourt, the former owner of the Los Angeles Dodgers, to make a bid for TikTok’s US assets. He noted that the acquisition would be more than just buying the platform but rather securing the privacy of TikTok’s 170 million American users. “It’s about empowering creators and small businesses, and building a platform that prioritizes PEOPLE over algorithms,” O’Leary said.
I’m excited to share that I’m partnering with Frank McCourt and the visionary team at @pro_jectliberty to lead The People’s Bid for TikTok!
This isn’t just about buying TikTok’s U.S. assets. It’s about something much bigger: protecting the privacy of 170 million American users.… pic.twitter.com/kzxk5RfEgY
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) January 6, 2025
Acquiring TikTok’s US assets will, however not be a low-priced affair. A deal is expected to fetch around $300 billion, because it boasts a sizeable number of users in the US While security risks, mainly fears of access of data by the Chinese government, make it vulnerable, most Americans don’t really seem to worry too much as depicted in the results of the survey conducted by Pew Research Center.
Trump had at one time advocated for the ban of TikTok, but later toned down the rhetoric by advocating for its survival in the United States while also offering to provide his assistance for its survival.
