On Monday, “Shark Tank” star Kevin O’Leary announced that he is close to finalizing a deal to purchase TikTok’s U.S. operations, a move aimed at preventing the app from being banned in the U.S. on January 19. This ban could take effect unless TikTok’s parent company, Beijing-based Bytedance, finds a buyer for its American business.
O’Leary, speaking on The Story with Martha MacCallum on Fox News, mentioned that he would require the assistance of president-elect Donald Trump to finalize the deal. “Trump will be who we have to work with to close the deal in the months ahead. 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,” he stated.
Earlier that day, O’Leary shared on X that he is partnering with former Dodgers owner Frank McCourt in the bid for TikTok. The purchase of TikTok’s U.S. operations is expected to be costly, with Wedbush Managing Director Dan Ives estimating it could reach $300 billion, a record-setting amount. TikTok, with 170 million monthly users in the U.S., is facing scrutiny due to concerns about its ties to the Chinese government, which could demand access to user data under Chinese law.
Despite concerns, a September Pew Research Center survey found that only 32% of Americans supported banning TikTok. While Trump initially supported a TikTok ban, he has since reversed his stance, expressing a desire to “save” the app. In December, he reiterated his intention to keep TikTok in the U.S., noting his “warm spot” for the platform because it helped him engage young voters.
As the ban deadline nears, TikTok is seeking legal avenues to challenge the law behind the potential ban. The U.S. Supreme Court has agreed to hear arguments from TikTok on the matter, with the crucial hearing set for Friday.
