Kevin O’Leary, a star from Shark Tank, announced on Monday that he is close to finalising a deal to acquire TikTok’s U.S. business, a move that could prevent the app from being banned in the country. TikTok faces a potential ban on January 19 unless its parent company, Beijing-based Bytedance, secures a buyer for its American operations.
In an interview on The Story with Martha MacCallum on Fox News, O’Leary revealed that he will seek the assistance of president-elect Donald Trump to close the deal. He stated, “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.”
Earlier, O’Leary shared on X that he is partnering with former Dodgers owner Frank McCourt on the TikTok bid. The deal is expected to be pricey, with Wedbush Managing Director Dan Ives estimating it could reach a record $300 billion. TikTok has 170 million monthly users in the U.S.
The push to ban TikTok was originally raised during the Trump administration, and it was later passed by Congress and signed into law by President Joe Biden in April 2024. U.S. lawmakers have expressed concerns that TikTok acts as a tool for Chinese espionage, as Chinese law requires the company to share user data with the Chinese government upon request.
Despite these concerns, a September Pew Research Center survey found that only 32% of Americans support the U.S. government banning TikTok.
Although Trump initially supported a ban, his position has shifted, and he has since expressed interest in “saving” the app. In December, he stated he would be open to reviewing options to keep TikTok operational in the U.S., noting his affection for the app because it helped galvanize young voters in his favor.
As the ban date looms, TikTok is exploring legal avenues to stay in the U.S. The U.S. Supreme Court has agreed to hear arguments on the law underpinning the ban, with a crucial hearing scheduled for Friday.