SHARK TANK’s Kevin O’Leary Wants to Buy TikTok
By Movieguide® Contributor
Kevin O’Leary of SHARK TANK might buy TikTok as the app faces a potential U.S. ban.
On Tuesday, the Canadian businessman shared that he set up a crowdfunding website to purchase the controversial Chinese social media platform.
His website states, “With recent U.S. legislation forcing a sale of TikTok, Mr. Wonderful is taking steps to purchase the social media platform from its Chinese parent company ByteDance. And he’s inviting you to join him in his quest to make TikTok an American-owned company.”
The website also touches on the new legislation requiring ByteDance to sell the app or be banned in the U.S.
“Due to national security threats from the Chinese government, ByteDance must sell the app to a U.S. entity by January 19, 2025, or face a nationwide ban. This legislative move underscores the urgency of addressing security vulnerabilities associated with foreign ownership of critical digital infrastructure.”
TikTok is wildly popular and, in the right hands, could be a successful business opportunity.
“According to Forbes and Reuters, TikTok has over one billion monthly active users and a revenue stream around $16 billion last year in the United States, making it the fifth biggest platform on the planet. The platform’s algorithm and creative features have set it apart from competitors, driving a diverse user base that spans across different age groups and cultures,” O’Leary’s website explains.
O’Leary previously told Fox News of his hopes to buy the viral app.
“Not going to get banned because I’m gonna buy it,” O’Leary said. “Somebody’s going to buy it. It won’t be Meta, and it won’t be Google because a regulator will stop that…It’s one of the most successful advertising platforms in social media today. All my companies use it. I’ll buy it.”
“What I’m proposing is purchasing these assets into a new American company,” he continued. “I’ll guarantee the servers are on American soil. I’ll guarantee you will close the Chinese back doors in the code. I’ll guarantee it becomes safe for the users, the parents, small business[es] and large business[es]. It’ll be an American company.”
The app faces a potential ban after President Biden signed the Protecting Americans’ Data From Foreign Adversaries Act of 2024 on April 24.
Citizens are also in favor of the ban. Movieguide® reported:
According to a recent study, over half of the U.S. wants TikTok excluded from American devices.
“A majority of Americans (56%) have an unfavorable view of TikTok, and half support a nationwide U.S. ban on the app from China-based ByteDance, according to a new Reuters/Ipsos poll,” Variety reported May 1.
One main concern around the platform is that the Chinese government can access users’ data, per the NY Times.
“In 2022, ByteDance said it fired four employees for ‘misconduct’ after the company found they accessed TikTok data on several users, including two reporters,” Variety noted.
Over 50% of Americans think TikTok sways public opinion. About 46% believe that China spies on Americans through the platform.
“About 50% of Americans support a TikTok ban, while 32% oppose it and 18% are not sure. Just 31% of those 18-34 say they are in favor of a ban, and 50% say they oppose it. Most Americans 35-54 (54%) and 55 and older (60%) say they support a ban of the app,” Variety said.
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