Investor Kevin O'Leary, widely known as the star of “Shark Tank,” told TikTok's owner he would give him $200 in cash to buy the platform during an appearance on Fox News' “America's Newsroom” on Friday. He said he would provide $1 billion.
He pointed out that any company that attempts to acquire TikTok or assist in the transition process will be subject to large fines.
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The Supreme Court on Friday ruled in favor of the ban in response to TikTok's challenge to the law.
Mr O'Leary pointed out that providers who allow access after the expiry date could be subject to fines.
“As of midnight on the 19th, any service provider, it could be Apple, it could be Oracle, it could be a video compression technology company that is paid for consulting services. Anybody who is alive will be fined $5,000 a day x $170 million,” O'Leary told anchor Bill Hemmer in an interview. “That's more than $1 billion a day.”
He said companies are considering risk factors in maintaining app availability as schedules shrink.
O'Leary said executives of the companies hosting the TikTok app have certainly been advised as to whether the fines will go into effect based on potential actions by the incoming Trump administration.
“I don't know if an executive order can override an act of Congress. There's an example of it being used successfully in 1937, but you never know.”
The Canadian businessman said the federal government cannot confirm whether data on U.S. account holders is being shared with Chinese leaders, but he doesn't think it's worth the risk.
“No one knows how much data the algorithm will provide. It's highly speculated,” he said.
Mr O'Leary said he believed that risk prompted the High Court's decision.deliveredComments supporting Friday's ban.
“There's a reason they ruled in their favor. It's not worth the risk,” O'Leary stressed.
Lawmakers, including President-elect Trump, have been seeking solutions for the platform, which has 170 million users in the United States.
“There's $20 billion on the table right now. Cash, cash, $20 billion,” O'Leary touted his bid at the end of the conference call.
He said he is waiting to see if the offer is good enough.
