“Compliant with Congress’s wishes” - Shark Tank investor Kevin O’Leary reveals why he and Frank McCourt placed an offer for TikTok

Shark Tank investor Kevin O'Leary, who is known as Mr. Wonderful, has invested in many businesses on the show, and along the way, has shared lessons and advice linked to finance. He is the owner of O'Leary Financial Group, which consists of O'Shares Investment Advisers, O'Leary Ventures, and O'Leary Fine Wine.

As fans already know, billionaire Frank McCourt and Kevin O'Leary placed an offer to buy TikTok. This was after the US government expressed their concerns regarding the privacy of data and the platform's alleged ties with the Chinese government.

In a conversation with Fortune on January 10, 2025, Shark Tank investor Kevin O'Leary reassured that there was "no free speech" issue regarding the social platform TikTok. He elaborated that the main reason behind buying TikTok was to make sure the platform follows the rules and regulations that adhere to American law.

The main purpose behind this decision was to make the platform "compliant with Congress's wishes." O'Leary continued:

"We see no argument around free speech. [TikTok] will continue to go on, except compliant with Congress’s wishes and therefore this is not a free speech issue. It’s simply your decision whether you want to sell it or not.”

Kevin has shared his knowledge and wisdom regarding financial matters and investments by publishing his books Cold Hard Truth on Men, Women, and Money as well as Cold Hard Truth on Family, Kids, and Money.

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Shark Tank investor Kevin O'Leary talks about concerns related to the social media platform TikTok

In the same Fortune interview, O'Leary explained that there was an "assumption" about TikTok not having any "American buyers." He said:

“We were concerned that the Justices were going into their considerations for the Friday hearing under the assumption that the company claimed there were no American buyers."

The concerns surrounding the platform increased after the US government questioned data and privacy breaches and suspected links to the Chinese government via ByteDance. Both Frank and O'Leary shared their vision of changing the app as an American platform.

As per Forbes Switzerland's January 11, 2025 article, the Shark Tank investor's statement mentioned that the main reason behind placing an offer was to resolve "national security concerns as well as focus on prioritizing "transparency." O'Leary further mentioned :

“The focus is not only on resolving national security concerns but also on creating a platform that prioritizes transparency, innovation, and user trust."

Frank, on the other hand, talked about how the social media platform has an impact on the "global culture phenomenon." He shared his vision as well by stating:

“TikTok is not just an app; it’s a global cultural phenomenon. By implementing more user-centric policies and technologies, we can make it a safe and equitable space for everyone."

Mr. Wonderful also stated how the platform can be used at its full potential once it follows proper rules and regulations that are required by the government. He shared the future of TikTok:

“TikTok is an unparalleled engine for creativity and commerce. Our goal is to expand its potential while ensuring that U.S. interests are protected.”

Fans can follow Mr. Wonderful on his official Instagram account to get updates on this matter. All previous episodes of Shark Tank are available on ABC.