Additional Coverage:
- ‘Make TikTok wonderful again’: Kevin O’Leary explains his plan to save the social media platform (foxbusiness.com)
Shark Tank investor Kevin O’Leary and Project Liberty founder Frank McCourt are partnering to bid on TikTok’s US assets. They hope to rebuild the platform with a focus on privacy and without “Chinese spyware.”
TikTok faces a potential ban due to a law passed last year that requires it to divest from its parent company. O’Leary and McCourt’s bid could be impacted by the Supreme Court’s decision on the law, which is expected before January 19th.
O’Leary and McCourt plan to give users control over their data, allowing them to choose whether or not to share it with TikTok. They also aim to increase user trust and expand the platform to other countries.
The bid relies heavily on ByteDance, TikTok’s parent company, agreeing to sell. O’Leary believes ByteDance has an incentive to consider their offer as China seeks to attract capital and avoid erasing shareholder value.
O’Leary emphasized the importance of free speech on the platform and believes their bid would align with the courts’ orders. He and McCourt have presented their offer and await ByteDance’s decision.