Kevin O’Leary, known from "Shark Tank," revealed Monday he’s close to securing TikTok’s U.S. business. This move could save the app from being banned in the U.S. TikTok faces a shutdown on Jan. 19 unless its parent company, Beijing-based Bytedance, finds a U.S. buyer.
Speaking on Fox News’ “The Story with Martha MacCallum,” O’Leary said he’ll need help from president-elect Donald Trump to finalize the deal.
“Trump will be who we have to work with to close the deal in the months ahead. So I wanted to let him know, as well as others in his cabinet, that we’re doing this, and we’re going to need their help,” O’Leary stated.
Earlier that day, he posted on X about teaming up with Frank McCourt, former Dodgers owner, to bid for TikTok.
Buying TikTok’s U.S. operations won’t come cheap. Wedbush Managing Director Dan Ives estimates the deal could hit $300 billion, given TikTok’s 170 million monthly U.S. users.
The ban on TikTok stems from fears it could serve as a tool for Chinese espionage. U.S. lawmakers worry the app may share user data with the Chinese government under China’s laws. TikTok denies the allegations but hasn’t convinced Congress.
Public opinion on banning TikTok is mixed. A Pew Research Center survey in September found only 32% of Americans support the government’s move to ban the app.
Donald Trump, who once backed banning TikTok, now supports saving it. He mentioned last year he had a “warm spot” for TikTok, appreciating how it mobilized young voters. In December, he reiterated his desire to keep TikTok in the U.S.
As the ban date nears, TikTok is fighting back. The U.S. Supreme Court will hear arguments Friday on why the app believes the ban is unlawful. This hearing could be pivotal for its future in the U.S.