The ‘Shark Tank’ investor has partnered with The People’s Bid for TikTok.
“Shark Tank” investor Kevin O’Leary has backed efforts to acquire social media platform TikTok less than two weeks before the video-sharing platform is set to be banned across the country.
On Monday, the Canadian entrepreneur announced that he had partnered with The People’s Bid for TikTok.
The initiative, led by business executive and Project Liberty founder Frank McCourt, aims to purchase TikTok’s U.S. assets to help “rebuild the platform in a way that prioritizes the privacy of its 170 million American users,” per a press release.
“TikTok has immense potential—not just as a tool for creators and businesses, but as a cornerstone of a more secure, people-centered digital future,” O’Leary, 70, said in a statement.
“Together with Frank, we aim to deliver an American-owned platform that safeguards national security while empowering its 170 million U.S. users to thrive.”
President Joe Biden, citing national security concerns, signed a bill into law in April 2024, giving the app’s Beijing-based parent company, ByteDance, until Jan. 19, 2025, to sell the company to a non-Chinese entity or face it being banned in the United States.
“With the January 19 deadline quickly approaching, I’m confident that our shared vision, paired with President-elect Trump’s business acumen, will lead to a deal that benefits everyone,” said O’Leary.
McCourt said The People’s Bid is “the only viable bidder” capable of offering “a seamless transition” for TikTok users. The philanthropist added that with O’Leary’s help, the initiative can now enter a new phase.
“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.
“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 [Donald] Trump to save TikTok.”
