Kevin O’Leary of Shark Tank fame has announced that he is joining a consortium pushing to buy TikTok before the company’s ban in the US.
The deadline for the Chinese-owned company’s sale or demise is just eleven days away; and the company’s C-Suite is desperately trying to make a deal with the incoming Trump administration.
This latest bid could work as it would be a sale and not a partnership; and because Donald Trump has voiced his intention to save the social media platform. A proposed partnership deal with Oracle fell flat with US authorities as it didn’t offer the safeguards that they wanted to ensure data from US users is ring-fenced from the Chinese Government.
Who wants to buy TikTok?
O’Leary has announced that he is joining forces with billionaire Frank McCourt, the founder of Project Liberty – an organization fighting to democratize the web and put data back into the hands of users.
In December, McCourt published a statement saying that Project Liberty doesn’t want to see TikTok shut down but does recognize that it can’t carry on operating under its present ownership. He explained: “The People’s Bid for TikTok aims to purchase the platform and migrate users to a new internet architecture that gives users control over their digital lives and more access to the economic value they generate.”
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Data ownership would be central, he continued, explaining: “As stewards of the app, Project Liberty will work to ensure the platform remains a vibrant and diverse creative community where users can have complete control over their data.”
Is It a Realistic Bid?
McCourt says he is heading up a consortium that “has secured expressions of interest of over $20 billion in capital” but also has access to “a vast network of supporters, and the technology needed to protect the privacy of 170 million Americans using TikTok”.
McCourt certainly has clout as former CEO of McCourt Global and has committed $500 million to fighting for a safe, healthier internet. TikTok would become a model to test this vision of the web if the bid is successful.
Canadian politician and businessman, O’Leary, is best known as one of the hosts of ABC reality series “Shark Tank.” He is also the chairman of a capital investment platform called O’Leary Ventures as well as chairman of an investment service called Beanstox. O’Leary said in a Fox News interview that the consortium needs the support of Donald Trump to make a success of the bid.
What Is Next for TikTok
The Supreme Court is going to review the TikTok ban this week but Donald Trump has asked for the court to pause the legislation. The ban is set to come in the day before Trump’s inauguration.
However, the core issue remains that TikTok has been damned as a national security risk, backed only this week by an academic paper about biases towards the Chinese Communist Party. Even owner ByteDance’s appeal for a reprieve on the grounds of free speech pale in comparison to this perceived risk.
It may come down to the wire and the whim of a newly inaugurated President.
