"It's time" - Shark Tank investor Kevin O'Leary talks about democratizing TikTok

In an Instagram post on December 31, 2024, Kevin O'Leary, a prominent investor on Shark Tank, stated his intention to "democratize TikTok" and safeguard user data from foreign adversaries. Reflecting his plan to address concerns about privacy and ownership, he emphasized:

"It's time to make TikTok WONDERFUL again."

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Shark Tank investor Kevin O'Leary's vision for TikTok

American ownership and data protection

Kevin O'Leary's remarks on democratizing TikTok focus on ensuring that user data is protected from foreign influence. He highlighted that his goal is to create a version of TikTok where user data is not at risk of exploitation by foreign adversaries.

In his Instagram post from December 31, the Shark Tank investor emphasized:

"I'd like to democratize TikTok and turn it into a platform where the user data is protected from the prying eyes of foreign adversaries."

He suggested that the core objective is to safeguard the platform’s data and secure the privacy of its users. O'Leary's plan involves moving TikTok’s ownership to U.S. hands to address concerns about the current control exerted by ByteDance, the Chinese parent company of TikTok.

He underscored that this transition would help mitigate fears regarding the collection and handling of user data, particularly in light of national security concerns.

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Legal and political roadblocks

During his Fox Business interview, O'Leary elaborated on the legal and political challenges tied to TikTok's potential acquisition.

He explained that ongoing legal disputes may influence the timeline for such a transition. O'Leary highlighted:

"This complaint can kick back up to the Supreme Court."

The Shark Tank investor suggested that the U.S. Supreme Court might play a key role in determining the future of TikTok's operations in the U.S. He further stated:

"The Supreme Court, in my view, will render a decision before the 19th," referencing a specific deadline for a ruling on the case.

O'Leary emphasized that the legal process could extend beyond this deadline, but he believes President Biden holds the power to temporarily delay any action.

He underscored that President Biden "can put a 90-day stay of execution so he can work out a deal with ByteDance."

O'Leary also addressed the key issue of data security, stressing the need to rewrite the platform’s algorithm to mitigate risks related to data privacy.

"This is about Chinese spyware. This thing drips with spyware and it's got to be carved out," he said.

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Crowdfunding the ownership: A democratized approach

O'Leary also discussed his proposal to involve American citizens in the ownership of TikTok. He explained that equity crowdfunding would allow ordinary U.S. citizens to become part-owners of the platform, a model he believes could democratize its ownership. The Shark Tank investor stated:

"Anybody out there that wants to come in with me as an equity owner, anybody, anybody that's a valid American citizen can join me at the same price I'm buying in for through equity crowdfunding."

He emphasized that this approach would provide an opportunity for individuals, including the millions of small businesses on TikTok, to benefit from the platform's potential success.

He encouraged potential investors to visit wonderfultiktok.com for further details, where they can register their interest in the deal. O'Leary clarified, however, that no funds are being solicited at this stage, stating:

"No money or other consideration is being solicited, and if sent in response, will not be accepted."

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A wait for legal approval

Despite his enthusiasm for the project, O'Leary acknowledged the necessity of awaiting legal approval before moving forward. He underscored that no steps could be taken until the legal situation is resolved.

Referring to the moment when the legal path would be clear for his acquisition plan to progress, he explained:

"When the Supreme Court kicks it out, that’s when the clock starts ticking."

The Shark Tank investor further stated that, until the Supreme Court rules on the matter, there are no immediate steps to take, and the timeline remains uncertain.

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