“Mr. Great.” Kevin O'Leary is partnering with another investor to save TikTok, hoping China and the Supreme Court will allow him to make TikTok “great again.” There is.
The “Shark Tank” star is working with Project Liberty founder Frank McCourt to buy the platform's U.S. assets from parent company ByteDance, and plans “a way to prioritize the privacy of our 170 million U.S. users.” “We are rebuilding the platform.”
TikTok faces a possible ban due to the Protecting Americans from Regulatory Applications by Foreign Enemies Act, a law signed by President Biden that passed Congress with bipartisan approval last April.
Unless the app is sold by its parent company, it could be removed from U.S.-based app stores by midnight on January 19th.
“I want to work with him. [McCourt] “Because he's done a lot more work on algorithms, and he brought me into this deal so he could buy TikTok without buying Chinese spyware,” O'Leary said Tuesday on “Big Money.” He spoke on the show.
TikTok has faced controversy for being a China-based company and for allegedly being used as spyware software by the Chinese Communist Party.
Lawmakers on both sides of the aisle have warned of the potential national security threat TikTok allegedly poses through American cellphones.
“The reason TikTok is being canceled in the U.S. is because of the algorithms that enable spying,” O'Leary said, adding that users can decide whether or not to share their data with TikTok. McCourt and I explained how we are rebuilding the platform. do not have. O'Leary argued that under that ownership, users who choose to share their data will receive compensation.
“If they want to share it and monetize it, they can get a piece of the advertising effort. I think that's great,” he said. “We're going to make this work the way the market wants it to work and spread it around the world.”
O'Leary explained how he would change the social media platform to suit U.S. interests if the plan to acquire it was successful.
In addition to giving users ownership of their data and eliminating “Chinese spyware,” the investor believes that restoring user trust will help TikTok grow from its current 170 million users to “200 million.” He emphasized that he has the potential to grow into something more than a human.
“We have to win back all the people who don't trust it and aren't going to put it on their phones. And the way we're going to do that is by democratizing it and letting people connect with us. It's about being able to invest together,” O'Leary said Friday on FOX Business' “Varney & Co.”
“Third, and I think everyone, including President Trump, will find it appealing, is that we're going to open it up so that it's interoperable, so if you're posting on Truth Social or X. , click here to subscribe to TikTok. And we're asking other companies like Instagram and Meta to do the same. Let’s share,” he added.
The investor also talked about how he hopes to include countries such as India, Switzerland, France, Canada, and Germany on the platform once these changes are introduced.
“This will be the largest television network in the world within two years,” O'Leary said of TikTok's growth potential.
Mr O'Leary and Mr McCourt's bid will be influenced by the long-awaited Supreme Court ruling banning the platform unless it is sold, and whether ByteDance is willing to do so if forced to take over before the deadline. It turns out.
The high court heard oral arguments Friday in a case that was rushed ahead of President-elect Donald Trump's return to the White House. A final decision is expected to be made by Inauguration Day.
Mr O'Leary explained how the Supreme Court's decision to uphold the ban would be “good news” for their bid.
“What this means is that the company will have to make an either-or decision at midnight on the 19th as to whether to close the plant or go to a buyer,” he told Fox News' “American・Report” “Now, you may know that we made an offer to ByteDance – I think we were the only syndicate builder that made a viable offer last night – and $30 billion. They might want to start considering that because there's $40 billion worth of American shareholder value tied up in there and if the supreme leader. [Chinese President Xi Jinping] If they want, they can just shut down, like they did in India, and that capital will be erased. And of course, that's not good for future funding. ”
O'Leary claimed that his and McCourt's ambitious plans for TikTok depend heavily on Xi Jinping.
“I think the only thing that matters in this agreement is the Supreme Leader, and the Supreme Leader has to make the decisions. All Chinese companies are controlled by him,” he said.
Mr. O'Leary went on to explain how China wants to be seen as a “destination” for capital, noting that no country, even one that is hostile to the United States, like China, has an economic He explained that he needs capital for growth.
“They're competing for the biggest economic position. So if you want to be the big boys and play in the international market, you don't have to wipe out shareholder money. It's not just U.S. shareholders. “Many sovereign wealth funds around the world have huge investments in ByteDance,” he said.
“But it's not my or Frank McCourt's decision. We both put the syndicate out there. We put in an offer. All of our U.S. shareholders have our offer. They We know that, and this is for ByteDance to decide.”
Mr O'Leary stressed that he believed ByteDance should seriously consider their proposals after their free speech arguments in court “failed to fall on deaf ears”.
“We're going to enforce freedom of speech. We're going to make things better and make sure we comply with court orders. This is the right path,” he said.
