Kevin O’Leary, renowned for his role on Shark Tank, and billionaire Frank McCourt, former owner of the Los Angeles Dodgers, have announced a bold initiative to acquire TikTok’s U.S. operations. This move comes as TikTok faces an impending deadline that could see the popular social media app banned nationwide unless it is sold to an American entity.
Their endeavor, aptly named the “People’s Bid for TikTok,” aims not only to purchase the app’s U.S. assets but also to transform the platform into a bastion of privacy and empowerment for its approximately 170 million American users. “This isn’t just about buying TikTok’s U.S. assets,” O’Leary stated on X. “It’s about protecting users’ privacy, empowering creators and small businesses, and prioritizing people over algorithms.”
O’Leary has emphasized the need for political collaboration, particularly with former President Donald Trump. During an appearance on Fox News, O’Leary remarked, “Trump will be who we have to work with to close the deal in the months ahead,” signaling an approach that seeks to align with political allies to facilitate the acquisition.
Frank McCourt, the driving force behind Project Liberty, has reportedly secured verbal commitments amounting to $20 billion to support the purchase. Project Liberty’s mission is to return data control to users, and acquiring TikTok would align with this vision by ensuring data privacy and user empowerment.
The race to acquire TikTok is heating up, with major players like Amazon, Oracle, and Walmart reportedly expressing interest. Amazon’s previous collaboration with TikTok to facilitate shopping via the platform suggests potential synergies, while Oracle and Walmart are eyeing another attempt after their initial bid was halted in 2020 due to security concerns.
Video-sharing site Rumble has also thrown its hat into the ring, offering to join a coalition of companies to bid for TikTok. Former U.S. Treasury Secretary Steven Mnuchin has indicated his intention to form a bidding group, adding to the competitive pressure.
The urgency of the situation is underscored by a bipartisan law requiring ByteDance, TikTok’s Chinese parent company, to divest its U.S. operations by January 19, 2024, or face a potential ban. This deadline coincides with the eve of Trump’s potential inauguration, adding a layer of political intrigue to the proceedings.
Experts like Dr. Emily Parker, a digital privacy advocate, note the significance of the People’s Bid for TikTok. “This initiative could set a precedent for how user data is handled and protected in the digital age,” she remarked in an interview with The New York Times.
As the deadline approaches, the outcome of this high-stakes endeavor remains uncertain. Whether O’Leary and McCourt can successfully navigate the political and financial landscape to secure TikTok’s future will be closely watched by stakeholders across the tech and business communities.