‘Shark Tank’ investor Kevin O’Leary is hoping to buy TikTok from ByteDance. The potential acquisition comes at a crucial time for the platform, which has over 170 million users in the United States alone.
The 70-year-old Canadian businessman – who is the star of the American version of the UK reality television program ‘Dragons’ Den’ – has admitted he will need to work “closely” with US President-elect Donald Trump if he is to acquire the Chinese-owned video-sharing platform, which could be banned in the US on January 19, if it fails to find a non-Chinese buyer. This deadline has created intense interest from multiple potential buyers in the tech and investment sectors.
Speaking on Fox News’ ‘The Story with Martha MacCallum’ on Monday (06.01.25), O’Leary said: “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.” The timing of this announcement has sparked significant discussion in both political and business circles.
Over on X, the SoftKey Software Products founder confirmed that he is partnering with former Dodgers owner Frank McCourt on the bid for the app and insisted it’s their intention to “prioritize people over algorithms” and protect the privacy of the millions of Americans who use TikTok daily. McCourt’s involvement brings substantial financial backing to the bid, with his net worth estimated at over $1.2 billion.
“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!” he said on the platform. This announcement caused TikTok-related stocks to fluctuate in the market.
“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 platform currently hosts over 5 million content creators who earn income through the app.
“TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact. 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.” The social media platform generated an estimated $9.4 billion in revenue in 2022.
TikTok is facing a ban due to national security concerns raised by the US government, which is worried that the app could share data with the Chinese government that could sway public opinion and spy on the US. The platform has consistently denied these allegations, maintaining that user data is stored securely.
The potential acquisition represents one of the largest social media deals in history, with analysts estimating TikTok’s U.S. operations could be worth between $40-50 billion. The platform’s rapid growth has made it a key player in the digital advertising market, competing directly with tech giants like Meta and Google.
Industry experts note that any successful bid would need to address complex technical challenges, including separating TikTok’s U.S. operations from its global infrastructure. The platform’s sophisticated algorithm, which drives its highly effective content recommendation system, would also need to be carefully managed in any transition.
The bid comes at a time when social media platforms face increasing scrutiny over data privacy and content moderation. O’Leary’s team has emphasized their commitment to maintaining TikTok’s popularity while implementing stronger privacy protections and transparency measures.
If successful, the acquisition would mark a significant shift in the social media landscape, potentially setting new standards for data privacy and user protection in the industry. The deal would also represent one of the largest forced divestitures of a foreign-owned company in U.S. history.
