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Kevin O'Leary, one of the Sharks from Shark Tank, reportedly offered to buy the social media app TikTok if the US government proceeded with a ban on it. During an interview with Fox & Friends on March 11, 2024, Kevin said that if the order to ban the app went through, "it's got to be sold," before expressing interest in buying it
"If this order goes through, it's got to be sold. I'm going to put up my hand and say I'll buy it," he told the interviewers.
The businessman's proposal came as lawmakers consider legislation requiring TikTok’s Chinese parent company, ByteDance, to divest from the app. The app will reportedly face a ban due to national security concerns if ByteDance doesn't divest from it.
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Kevin O'Leary's plan involves purchasing TikTok and moving its operations to a new American company. The Shark Tank investor promises to relocate the app’s servers to the U.S. and eliminate any influence from the Chinese government. This would reportedly ensure that the platform would remain safe for American users and businesses.
Shark Tank's Kevin O'Leary steps forward to purchase TikTok amid possible U.S. ban
Proposed legislation and its impact on TikTok
One of the proposed legislation pieces that drew public attention in the last few weeks involved banning TikTok in the US as a response to national security concerns. The bill has allegedly received unanimous backing from a bipartisan committee.
The bill mandates that ByteDance, TikTok's Chinese parent company must fully divest from the platform within 180 days or risk facing a ban. It also sets the groundwork for future actions that could be taken against apps that are deemed to pose a security risk.
The proposed legislation is set to be voted on in the House of Representatives, and if passed, would have major implications for TikTok's operations in the US. The social media platform has over 170 million users in the country and has faced growing scrutiny over concerns that the Chinese government could access user data.
Many of these lawmakers have urged an end to the matter through a solution that will have the app operate within the US law and regulations. This could include its possible split from the Chinese parent company.
Kevin O'Leary’s proposal to buy TikTok
Chairman of O'Leary Ventures and the Shark Tank business icon, Kevin O'Leary, has agreed to step in to buy TikTok in case this bill becomes law.
During an interview with Fox & Friends in March 2024, O'Leary elaborated on his offer by focusing on the need to ensure TikTok is safe for the people of the US. The businessman said that he proposed buying the "assets into a new American company," guaranteeing that the servers would be "on American soil."
"I'll guarantee you will close the Chinese back doors in the code. I'll guarantee it becomes safe for the users, the parents, small business and large business," O'Leary said.
The Shark Tank investor would plan to restructure TikTok as an American company. He noted that this would address the concerns raised about the ownership of the app by the Chinese parent company.
O'Leary also shared his plans on how TikTok would not be an influence on Chinese interests anymore. He added that the Chinese company will "not control the board."
"I would ask permission to leave 20, 30% with the Chinese people, because they'll have a non-control, passive position. They will not control the board. They will have no say in how we operate the company," he added.
O'Leary explained that this would mean the persistence of Chinese stakeholders wouldn't have any power to influence the functioning of the company or the policies concerning user data. He clarified that his objective is to end free speech and national security concerns without banning the app for American users.
Challenges and support for O'Leary's proposal
While O'Leary’s offer has raised interest, the proposal also comes with challenges. The process of acquiring TikTok and restructuring it into a new American company would require significant financial backing.
The Shark Tank investor stated that he would work with a syndicate of American investors, including sovereign wealth funds, to finance the acquisition. He added that he would have to "put together a syndicate of American and sovereign wealth money" that is approved by a committee of the House.
Additionally, the Shark Tank investor expressed his intention to work with Republican and Democratic lawmakers to facilitate the transition of TikTok into his ownership. He noted that he had a "lot of respect on both sides" as he supports small businesses, adding that he had "no agenda" other than to make TikTok "safe for Americans to use."
New episodes of Shark Tank air every Friday at 8 PM ET, and are available fro streaming on Hulu.
