Kevin O’Leary Says He’s Near Deal to Buy TikTok

Kevin O’Leary, known for his role on Shark Tank, revealed on Monday that he is close to finalizing a deal to acquire TikTok's U.S. operations, a move that could prevent the app from facing a ban in the United States. TikTok is set to be blocked from the U.S. market on January 19 unless its parent company, the Beijing-based ByteDance, secures a buyer for its American division.

Speaking on The Story with Martha MacCallum on Fox News, O’Leary emphasized the importance of working with president-elect Donald Trump to close the deal. "Trump will be who we have to work with to close the deal in the months ahead. So I wanted to let him know, as well as others in his cabinet, that we’re doing this, and we’re going to need their help,” O'Leary said.

Earlier in the day, O’Leary also announced on X that he is teaming up with former Los Angeles Dodgers owner Frank McCourt for the bid to purchase TikTok.

The price tag for acquiring TikTok’s U.S. business is expected to be substantial. Dan Ives, Managing Director at Wedbush, estimated that the deal could reach an unprecedented $300 billion. TikTok currently boasts 170 million monthly users in the United States.

The threat of a TikTok ban was first raised during the Trump administration, and the ban was eventually formalized in legislation signed by President Joe Biden in April. The primary concern among U.S. lawmakers is that TikTok could be used as a tool for espionage by the Chinese government. According to Chinese law, TikTok is obligated to share user data with the Chinese Communist Party if requested.