Investor Kevin O’Leary has announced plans to purchase TikTok, with the popular social media platform facing a potential U.S. ban. O’Leary, known for his role on Shark Tank, has teamed up with billionaire Frank McCourt to lead a bid to save TikTok from being shut down in the U.S. The high-stakes move has sparked attention as the deadline for TikTok approaches. Now, many are curious to know whether it is true that Kevin O’Leary is buying TikTok.
Here are more details.
Is Kevin O’Leary buying TikTok amid US Ban?
With the potential of TikTok facing a U.S. ban, a major push to purchase the app is emerging. The famous Shark Tank investor Kevin O’Leary, has joined billionaire Frank McCourt in acquiring TikTok. The move comes as U.S. lawmakers set a hard deadline for TikTok’s parent company, ByteDance, to sell its U.S. operations by January 19, 2025. If the sale does not happen by then, the app could be banned nationwide. This will cut off millions of American users.
Frank McCourt, founder of Project Liberty, leads the charge with a plan called “People’s Bid for TikTok.” McCourt is working with a group of investors to acquire the platform, intending to protect American user data and promote privacy. The group claims to have received verbal commitments of up to $20 billion in funding, positioning it as a strong contender for the purchase.
Regarding the buying plan, O’Leary emphasized that this move is more than just about TikTok’s U.S. assets. He said, “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.” However, the acquisition may need the backing of President-elect Donald Trump. As the deadline nears, Kevin O’Leary and Frank McCourt’s bid to buy TikTok could potentially change the platform’s future in the U.S.
Originally reported by Disheeta Maheshwari on ComingSoon.
