Kevin O'Leary, president of O'Leary Ventures, joins US Newsroom to discuss his efforts to buy TikTok after the Supreme Court upheld the upcoming sell-or-ban rule.
It may not be the clock It's over for TikTok As fast as some previously thought. The social media platform could benefit from President-elect Trump, a critic and turned TikTok user. On Sunday, Trump told NBC News that he would “most likely” give TikTok a 90-day grace period from the Jan. 19 deadline after the launch on Monday.
On Friday, TikTok released a statement about a “potential shutdown,” expressing disappointment at the Supreme Court's upholding of bipartisan legislation to ban the app unless its Chinese-owned parent company sells it by Sunday.
The TikTok logo is seen in this photo taken on December 28, 2024 in Warsaw, Poland. (Jaap Arriens/NurPhoto via Getty Images/Getty Images)
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“Today's statements from the White House and the Department of Justice do not provide service providers with the transparency and assurance necessary to keep TikTok accessible to more than 170 million Americans,” TikTok said in a statement.
The social media company called on the Biden administration to ensure the ban is not enforced, adding that if the White House fails to do so, TikTok will “be forced to go dark”.
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Kevin O'Leary, Shrek Tank investor. Put a $20 billion cash offer on the table to buy the app.
“There's a reason Congress put this mandate in front of the Supreme Court. There's a reason they voted for it. It's not worth the risk,” O'Leary said. And so the obvious solution is to sell it to an American syndicate as ordered.
Kevin O'Leary is said to have offered $20 billion in cash to buy TikTok. (Getty Images/Photo Image/Getty Images)
This isn't the first time Trump has hinted he's considering helping the video-sharing app. Last month, Trump admitted he had a “warm spot in my heart.” TikTok After using it in his last presidential campaign.
He has repeatedly said that he believes that TikTok is a program where tens of millions of Americans exercise their First Amendment rights, and that the federal government cannot just cut off that First Amendment right and violate the constitutional rights of tens of millions of Americans. Carolyn Leavitt, Trump's new White House spokeswoman, said: “Those who freely express themselves on this program.Wall Street Maria Bartiromo“Friday
“With that said, it's certainly the best outcome for everyone if an American company owns the program,” Leavitt added.
The Senate approved a forced sale of China-owned TikTok after approving a larger foreign aid package Tuesday night. (Photo by Celal Gunes/Anadolu via Getty Images/Getty Images)
TikTok, which took the internet by storm during the Covid-19 pandemic, has been the subject of controversy due to its parent company's ties to the Chinese government. Lawmakers on both sides of the aisle have expressed concern that the app could be weaponized or used to collect large amounts of user data.
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Currently, TikTok's parent company, ByteDance, has until midnight to sell the platform.