Shark Tank Star Kevin O’Leary Pushes Interest In Buying Social Media Juggernaut TikTok
The celebrity investor has his eyes set on an intriguing possible acquisition
Entrepreneur Kevin O’Leary is used to making his business dealings public and out in the open. Recently, he announced what he would like to conjure up what would certainly be his largest transaction to date if it came to fruition — purchasing social media giant TikTok, and setting it up in the US as an American company.
The Canadian O’Leary was a co-founder of Softkey Software Products, which manufactured computer software that focused on family education and entertainment. Purchased by Mattel in 1999, the proceeds from this sale made him a millionaire many times over. Since then, he has transitioned into a new career as an investor, writer and television persona — including his well known turn as an investor on the start-up show Shark Tank. It is estimated that the 69-year-old may be worth in excess of $400 million.
Always looking for the next big thing, O’Leary appears to have set his sights on acquiring TikTok; that is if it is made available. An upcoming vote in the House of Representatives could determine if the currently Chinese-owned platform remains available to users in the United States, given security concerns that have been raised.
In an interview with Fox News, O’Leary presented his solution to the problem: himself. He explained why he wants to buy the company if it was ever put up for sale:
“If this order goes through, it’s got to be sold. I’m going to put up my hand and say I’ll buy it, and I’ll tell you why. What I’m proposing is purchasing these assets into a new American company. I’ll guarantee the servers are on American soil. I’ll guarantee you will close the Chinese back doors in the code. I’ll guarantee it becomes safe for the users, the parents, small business and large business. It’ll be an American company.”
The proposed legislative bill would require that TikTok’s parent company, ByteDance, fully divest themselves of all ownership within 180 days to prevent the app from facing possible banning in the United States. Such a move could prove an enormous financial blow to the company, making selling a possibly more desirable option.
O’Leary indicated he already has a bi-partisan plan to quickly take over the company should he be able to buy it:
“I would ask permission to leave 20, 30% with the Chinese people, because they’ll have a non-control, passive position. They will not control the board. They will have no say in how we operate the company and therefore will resolve this issue around free speech. Nobody wants to lose the app…
“I’d have to put together a syndicate of American and sovereign wealth money approved by this committee of the House. I spent a lot of time on the Hill. I think I have a lot of respect on both sides because I support small business. I have no agenda here other than to make this platform safe for Americans to use.”
While purely speculative at this point, the veteran investor appears ready to strike with his best effort should he sense blood in the water. Given the potential prize is the current fifth-most popular social media platform, what could you really expect from a shark?