Kevin O’Leary has revealed a strategy aimed at rescuing TikTok from a ban in the United States.
The famous investor from Shark Tank shared with Fox News that he, along with former owner of the Los Angeles Dodgers Frank McCourt, 71, is collaborating with other entrepreneurs to raise capital for acquiring the U.S. operations of the social media platform based in Beijing.
A Montreal native now residing in Miami Beach and a supporter of incoming President-elect Donald Trump, O’Leary claims to be involved in a “multi-billion-dollar initiative”—one that is essential for users in America who wish to continue using TikTok after January 20.
This date marks the beginning of a ban if TikTok’s parent organization, Bytedance, fails to divest its U.S. assets to an American individual or company.
At 70 years old, O’Leary indicated that the arrangement would necessitate “bipartisan backing,” emphasizing his intention to update both Joe Biden—who initiated legislation that posed a ban—and Donald Trump about his efforts.
“We’ll need their assistance,” O’Leary remarked.
The financial details of such a transaction remain unclear. Bytedance asserts that TikTok could be valued at nearly $100 billion, yet O’Leary’s focus is solely on the application’s U.S. assets and its 170 million American users.
O’Leary has an estimated net worth of $400 million, while McCourt’s fortune is approximately $1.4 billion.
Concerns regarding TikTok have existed since the onset of Trump’s first term. Legislators from both parties have voiced worries that the social media platform could serve as a tool for espionage on behalf of the Chinese government. However, a Pew Research study indicates that the general public is less inclined to support a ban, with only 32 percent of American respondents favoring its removal.
In an effort to prevent a ban, TikTok has taken measures like filing a lawsuit against the federal government, yet there has been limited progress so far. Nonetheless, they could soon find themselves with a U.S. president more amenable to negotiating a new agreement.
Last month, lawyers for Trump informed the Supreme Court that they might not need to address a challenge regarding the ban if they delay actions until he is back in the Oval Office, which will occur just a day after the proposed ban takes effect.
“President Trump alone has the ultimate dealmaking skills, an electoral mandate, and the political resolve to negotiate a solution that preserves the platform while also tackling national security issues,” stated John Sauer, Trump’s pick for U.S. solicitor general, in the court document.
During his campaign, Trump asserted that he would “save TikTok,” but did not clarify how he would achieve that while ensuring the privacy of American users—a concern shared across party lines.
The Supreme Court is set to hear oral arguments concerning TikTok’s case on Friday.
