Shark Tank’s Kevin O’Leary Says He’s Nearing Deal to Buy TikTok

Shark Tank’s Kevin O’Leary has plans to purchase TikTok.

During an appearance on Fox News' The Story with Martha MacCallum on Monday, Jan. 6, the Canadian businessman and investor, 70, expressed interest in acquiring ownership of the social media platform before it faces a ban in the United States on Jan. 19.

However, O’Leary insisted that his proposed buyout would need help from President-elect Donald Trump.

“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,” the television personality said, according to The Wrap.

In addition to his comments during the Fox News segment, O’Leary also used X (formerly known as Twitter) to announce that former Dodgers owner Frank McCourt would be his partner for the TikTok deal.

In his tweet, O’Leary said he was “excited” for the opportunity to partner with McCourt’s Project Liberty.

“This isn’t just about buying TikTok’s U.S. assets. It’s about something much bigger: protecting the privacy of 170 million American users. It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms,” he wrote.

TikTok, which is currently owned by Chinese tech firm Bytedance, is facing removal from Apple and Google app stores in the United States as part of a federal ban signed by President Joe Biden in April.

The potential ban comes after concerns about China possibly using TikTok as a surveillance tool on American citizens. An American buyer would allow the app to continue to be available in the United States.

“TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact. Together, we’re working to create an American-owned platform that is secure, innovative, and puts YOU in control of your data and digital relationships,” O’Leary’s tweet concluded. 

He also included the link to a press release, which mentioned how O’Leary “has helped shepherd countless businesses and start-ups to success.”

“It's clear that our visions for a people-centered, American-owned platform are closely aligned, and our combined efforts will give a significant boost to The People's Bid as the January 19 deadline for a sale of TikTok quickly approaches,” McCourt said in a statement. 

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“Kevin and I, along with the thousands of supporters who have come forward to back The People's Bid, firmly believe we can build a better TikTok – one that protects our national security and becomes a safe, secure platform that millions of people on the app will trust. We look forward to working with President-elect Trump to save TikTok."

O’Leary added that their deal would be a chance for him and McCourt to take action by “protecting privacy and creating value for users."