Canadian businessman and investor Kevin O’Leary has made a bold move by offering $20 billion to acquire TikTok from its parent company, ByteDance.
Starnews NG reports that this development follows the recent ruling by the U.S. Supreme Court, which upheld President Joe Biden’s ban on the popular social media app due to concerns over national security.
In an interview on Fox News’ “America’s Newsroom” on Friday, O’Leary highlighted the potential risks for service providers who continue to support TikTok after the January 19 deadline. “As of midnight on the 19th, any service provider—be it Apple, Oracle, or any consulting firm involved—could face fines of $5,000 a day per violation, impacting up to 170 million users,” he warned anchor Bill Hemmer. “That could accumulate to over a billion dollars a day.”
O’Leary expressed uncertainty about whether an executive order could override Congressional law, referencing a precedent from 1937. He emphasized the seriousness of his offer to purchase TikTok, stating, “Right now, $20 billion is on the table, cash—$20 billion.”
This announcement comes just a week after reports surfaced suggesting that billionaire Elon Musk was also eyeing a buyout of TikTok’s U.S. operations. According to Bloomberg, the Chinese government is considering selling the platform amid the looming ban in the U.S. However, ByteDance has dismissed speculation about Musk’s potential takeover, describing it as “pure fiction” in a statement to CNBC.
As the landscape of social media and national security continues to evolve, O’Leary’s substantial offer positions him at the forefront of a high-stakes negotiation.
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