"He's an animal"- When Kevin and Barbara entered a bidding war in Shark Tank

A heated negotiation in Shark Tank for a $250,000 investment turned into an explosive confrontation between investors Barbara Corcoran and Kevin O'Leary during season 13 episode 5. The dispute centered on Tristen Ikaika's jewelry business, which had achieved $2.3 million in lifetime sales at the time, through limited-edition rings made from vintage spoons.

When O'Leary drastically dropped his equity demand from 50% to 15% to undercut Corcoran's offer of 20%, she stated,

"Kevin is willing to take a deal 5% under just to undercut me cuz he's a bas***d. That's the way he rolls… He's not the cool you want to be, he's an animal, he's after the buck."

The then-20-year-old entrepreneur's company had generated $525,000 in year-to-date sales, with his previous monthly product drop at the time selling 3,200 units and bringing in $155,000. His initial ask valued the company at $5 million, seeking $250,000 for 5% equity. Ikaika's business model combined social media marketing with artificial scarcity, as each collection sold out within 24 hours of release.

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Ikaika's pitch sparked the Barbara-Kevin showdown on Shark Tank season 13

Shark Tank investor Kevin O'Leary opened negotiations with a substantial demand of $250,000 for 50% equity plus key man insurance, citing concerns about the business's dependency on Ikaika's personal brand.

The Shark Tank entrepreneur's sales strategy relied on creating scarcity through limited monthly releases, selling out around 3,200 units within 24 hours of each drop. Ikaika's social media presence drove these sales, with 70,000 Instagram followers and 15,000 TikTok followers back then awaiting new collections.

Barbara Corcoran then stepped in with $250,000 for 20% equity, presenting an alternative to O'Leary's steep initial request. Her offer acknowledged both the business's proven sales record and its growth potential.

The negotiation atmosphere shifted when O'Leary modified his equity requirement to 15%. Corcoran immediately confronted his strategy, pointing to a pattern of last-minute adjustments in previous episodes. She further questioned his motives and tactics, bringing attention to his practice of starting with maximum equity requests before making calculated reductions.

Lori Greiner evaluated the business model first, acknowledging Ikaika's success but questioning its investment potential. She withdrew from bidding, stating the business worked well for the founder but lacked scalable opportunities. Daymond John then followed, explaining that his necessary equity requirement would exceed reasonable terms for the entrepreneur.

Meanwhile, Mark Cuban focused on long-term expansion challenges. Shark Tank investors pressed Ikaika about growth plans beyond the limited-drop model, to which the entrepreneur responded by outlining his vision for a core collection available year-round, complementing the monthly drops.

Despite this strategy, Cuban remained unconvinced about scaling possibilities and opted to not make an offer.

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Final outcome

After careful consideration, Tristen Ikaika accepted Kevin O'Leary's offer of $250,000 for 15% equity. The decision came despite Barbara's continued presence in the negotiation with her 20% equity offer. However, post-show developments took an unexpected turn. As per Shark Tank Blog, the deal with O'Leary never reached final terms during the due diligence phase.

The business continued its growth trajectory independently, as Ikaika implemented his planned expansion; introducing a permanent collection alongside the limited drops. The company rebranded to Ikaika Studios, diversifying its product line while maintaining the original spoon ring concept. Furthermore, sales increased by 354% in the month following the episode's air date.

Shark Tank investor Kevin O'Leary (Image via Getty)

Ikaika later launched a collection called Are You OK? focusing on mental health awareness, which sold out immediately. In 2024, the brand expanded further with an Olympic-themed Paris collection in both silver and gold materials.

The Shark Tank business maintained its social media-driven sales approach, combining exclusive drops with consistent core offerings. The company now processes thousands of machine-made rings weekly, establishing a stable revenue stream beyond the limited-edition releases.

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Shark Tank season 16 is airing on ABC network, with new episodes dropping every Friday.