As TikTok faces the imminent threat of a U.S. ban, a notable bid has emerged to rescue the popular social media platform. Investor Kevin O’Leary, widely recognized from the television show Shark Tank, has partnered with billionaire Frank McCourt in a concerted effort to take control of TikTok. This high-profile initiative has garnered significant interest as the deadline for potential action looms.
Is Kevin O’Leary buying TikTok amid U.S. Ban?
With the potential ban on TikTok raising serious concerns, a strategic move to acquire the app is unfolding. Investor Kevin O’Leary and billionaire Frank McCourt are spearheading the acquisition efforts amid legislative pressure. U.S. lawmakers have set a firm deadline for TikTok’s parent company, ByteDance, mandating the sale of its U.S. operations by January 19, 2025. Without this sale, millions of American users could lose access to the platform.
Frank McCourt, the founder of Project Liberty, is leading the initiative dubbed “People’s Bid for TikTok.” This effort involves a consortium of investors committed to safeguarding American user data and enhancing privacy protections. The group claims to have secured verbal commitments of up to $20 billion in funding, positioning themselves as formidable contenders in the acquisition process.
In discussing the acquisition plans, O’Leary stated that this initiative transcends TikTok’s U.S. assets. He commented, “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.” As the deadline approaches, O’Leary and McCourt’s bid could play a pivotal role in determining the future of TikTok in the United States.
