TikTok is set to be banned in the U.S. in less than two weeks, unless… something wonderful happens. On Monday, Shark Tank's Kevin O'Leary announced that he joined a bid to buy TikTok and keep the popular video social media app alive stateside. To do so, he's joining forces with Project Liberty Founder Frank McCourt on "The People's Bid for TikTok." In a statement on Twitter/X, O'Leary wrote, "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. It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms."
The United States Congress voted to ban the app in April 2024 over concerns that TikTok's Chinese parent company was sharing user data with the Chinese government. Donald Trump himself took action against the app back in 2020, but now that he feels like the app helped him get elected, he's suddenly a big fan. The president-elect said he'd look into reversing the ban, and even asked the Supreme Court to delay the ban until after he's back in office so he can weigh in. (The Justice Department has advised the Court to uphold the ban.)
Buying the app could cost as much as $300 million, according to The Wrap. O'Leary, who in addition to his business interests is also featured in the cast of the upcoming Josh Safdie movie Marty Supreme, said in March 2024 that he would like to buy it for $20 or $30 million, given that the new owner would likely have to build a new algorithm from scratch. The Shark Tank star recently visited Mar-a-Lago to discuss this bid to buy TikTok (and also talk about merging the U.S. and Canada…), which would need governmental support. "Trump will be who we have to work with to close the deal in the months ahead," O'Leary said during an appearance on Fox News (via The Wrap). "So I wanted to let him know, as well as others in his cabinet, that we’re doing this, and we’re going to need their help."
"TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact," he added in his statement on social media. "Together, we’re working to create an American-owned platform that is secure, innovative, and puts YOU in control of your data and digital relationships."
