Kevin O'Leary Joins Efforts to Acquire TikTok’s US Assets 12 Days Before Ban Is Triggered

Kevin O'Leary attends the Tribeca Talks Panel: 10 Years Of "Shark Tank" in New York City on Sept. 23, 2018. Dia Dipasupil/Getty Images

“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.”

TikTok Future

Trump, who will be sworn in on Jan. 20, supported banning the social media platform during his first presidency. However, he recently voiced support for the app.

During a December 2024 press conference at his estate in Mar-a-Lago, Florida, Trump said he had “a warm spot” in his heart for TikTok, crediting the app for helping boost his support among young voters.

The U.S. Supreme Court is set to hear arguments on Jan. 10 from TikTok and Bytedance, who challenged the federal government’s ban on the app as unconstitutional. The review comes after a U.S. federal appeals court upheld the ban in early December.

“We believe the Court will find the TikTok ban unconstitutional so the over 170 million Americans on our platform can continue to exercise their free speech rights,” the company posted on its website on Dec. 18.

In a separate statement shared the same day, the company noted that it was “bringing even more transparency” to its platform protection efforts.

“Over time, we’ve increased the reports we voluntarily publish, the depth of data we disclose, and the frequency we publish,” TikTok said.

“We’ve also worked to make it easier for people to independently study our data and platform.”