‘Shark Tank’ investor Kevin O’Leary talks about House bill that would force TikTok to sever ties with China
As lawmakers vote on whether to take legislative action against the Chinese-owned app TikTok, one of America’s most influential entrepreneurs plans to buy the platform and host it on U.S. soil. proposed.
“If this order goes through, we have to sell. I’m going to raise my hand and say I’m going to buy, and I’m going to tell you why,” says Kevin O’Leary Ventures chairman and “Shark Tank” star. Mr O’Leary said: About “Fox & Friends” Monday morning.
“What I’m proposing is to buy these assets into a new American company. We’ll guarantee that the servers are in the United States. We’ll guarantee that we close the Chinese backdoor in the code. “We guarantee that it will be safe for users, parents, small businesses and large corporations,” he continued. “It will be an American company.”
A bill that could make TikTok unavailable in the United States is reportedly heading to a vote in the House of Representatives on Wednesday after it passed unanimously in a bipartisan committee 50-0.
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The bill would require TikTok’s Chinese parent company ByteDance to completely sell all its applications within 180 days or risk banning them. It would also establish a process for the executive branch to ban applications in the future if they are deemed to pose a security risk.
Kevin O’Leary, chairman of OLeary Ventures, said the company would acquire TikTok from China and expand its operations “on American soil.” (Fox News)
Since receiving strong bipartisan support, TikTok users have received a special message from the app’s team asking them to contact their local legislators and reminding them that the government is “upsetting the constitutional right to free expression of 170 million Americans.” Please speak up now before we take away your rights.”
O’Leary said he wants to work with both Republicans and Democrats to vote in favor of legislation that would oversee TikTok’s ownership transition over the next 18 months.
President Joe Biden told reporters on Friday that he would sign the bipartisan Protecting Americans from Regulatory Applications by Foreign Enemies Act, which would give federal control over China-based social media app TikTok. Ta.
“We will ask permission to leave 20, 30% to the Chinese, because they will be in a passive position with no control. They will not control the board. “They won’t have a say in how it’s run,” he said. “So this issue around free speech will be resolved. No one wants to lose the app,” he said.
Mr O’Leary also expressed approval that the parliamentary board could refuse to share profits with parent company ByteDance.
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Sen. Ted Cruz (R-Texas) cited differences in search results for Taylor Swift and Tiananmen Square, and accused TikTok CEO Shou Zhi Chu of suppressing anti-China views on the app. requested a response.
“The important thing is that there are a lot of cooperative businesses in China that are owned by Chinese people, and all Chinese companies are the same.” [is] The Chinese Communist Party, everyone knows that. Therefore, the Chinese government has many joint ventures with American companies, where they do manufacturing. Let’s throw them a bone,” said the billionaire entrepreneur.
He added: “We will need to form a syndicate of U.S. and sovereign wealth money that has been approved by this committee of the House of Representatives.” “I spent a lot of time on the Hill, and I think there’s a lot of respect from both sides because we support small businesses. I have no purpose here.”
FOX Business’ Timothy Nerozzi contributed to this report.
