Official acquisition announcements or press releases from involved parties

Kevin O'Leary Seeks TikTok Acquisition Ahead of January 19 Ban Deadline

Jan 12, 2025, 10:19 PM

Kevin O'Leary, known as "Mr. Wonderful" from Shark Tank, is collaborating with investor Frank McCourt to acquire TikTok's U.S. assets from its parent company, ByteDance. The plan aims to address privacy concerns by removing the Chinese algorithm and allowing users to monetize their data. The initiative comes as TikTok faces a potential ban in the U.S. under the Protecting Americans from Foreign Adversary Controlled Applications Act, which could take effect on January 19 if ByteDance does not divest. O'Leary envisions rebuilding the platform to prioritize user privacy, expand its user base from 170 million to over 200 million, and integrate interoperability with other social media platforms. He has reportedly sought support from President-elect Donald Trump for this acquisition. The Supreme Court's upcoming decision on the ban, expected before January 19, and ByteDance's response will be pivotal to the deal's success.