Kevin O’Leary Announces Plan to Acquire TikTok Amid US Government Pressure
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Shark Tank’s Kevin O’Leary Reveals Ambitious Plan to Buy TikTok Amid Looming US Ban
Kevin O’Leary, widely known as ‘Mr. Wonderful’ from ABC’s Shark Tank, has announced an ambitious plan to purchase TikTok as the social media giant faces a potential ban in the United States. This move comes in response to new U.S. legislation requiring TikTok’s Chinese parent company, ByteDance, to sell its American operations or face a nationwide ban by January 2025.
O’Leary is seeking to crowdfund the purchase through the investment platform StartEngine, inviting potential investors to “reserve” their spots for committing funds. The Shark Tank star aims to make TikTok an American-owned company, which he believes will address national security concerns and ensure the app’s continued operation in the U.S.
The clock is ticking on TikTok🕒. Congress has passed a law that gives it less than 270 days to sell to interests that are governed by US laws or be shut down.
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) May 28, 2024
I'd like to democratize TikTok and turn it into a platform where the user data is protected from the prying eyes of… pic.twitter.com/Rgzd4TGtdu
“With recent U.S. legislation forcing a sale of TikTok, Mr. Wonderful is taking steps to purchase the social media platform from its Chinese parent company ByteDance. And he’s inviting you to join him in his quest to make TikTok an American-owned company,” the StartEngine website states.
O’Leary’s proposal includes moving TikTok’s servers to American soil and securing the app against any potential backdoors in the code that could be used for spying. He promises to make TikTok safe for users, parents, and businesses.
The investor is not yet soliciting funds directly but is gauging public interest through a non-binding reservation process. At a later date, O’Leary will inform interested parties when the actual investment opportunity launches.
In an interview with Fox News in March, O’Leary emphasized TikTok’s immense value, citing its over 1 billion monthly active users and $16 billion in annual U.S. revenue. He remarked, “It’s one of the most successful advertising platforms in social media today. All my companies use it. I’ll buy it.”
Shark Tank icon Kevin O’Leary has unveiled his plan to buy TikTok amid the company’s potential ban in the United States. pic.twitter.com/7EapWrYm95
— TheRecentTimes (@Recent_Times) May 30, 2024
O’Leary is not the only prominent figure interested in acquiring TikTok. Former Activision CEO Bobby Kotick has also reportedly shown interest, along with OpenAI’s CEO Sam Altman. However, no sale has been finalized.
On April 24, President Joe Biden signed a bill requiring ByteDance to divest its U.S. TikTok operations by January 19, 2025. TikTok CEO Shou Zi Chew plans to challenge the potential ban in court, arguing it violates First Amendment rights. O’Leary, however, argues that the issue is not about free speech but about preventing the Chinese government from accessing U.S. consumer data.
O’Leary’s plan reflects his business acumen and his belief in the platform’s value. By making TikTok an American company, he aims to secure its future in the U.S. while addressing the security concerns that have led to the current legislative pressure.
As the situation unfolds, it remains to be seen whether O’Leary’s crowdfunding initiative will succeed and if TikTok will continue to operate in the U.S. under new ownership. For now, the entrepreneur is rallying investors to join his cause, emphasizing the importance of keeping TikTok within the bounds of U.S. regulations and control.
Shivam Kumar
Hi, I'm Shivam Kumar. I'm pursuing Journalism honors from the IP University. I love the skill of writing and looking forward to learn more of it. Also I love traveling and experiencing new things every day....
