- Buying TikTok could prevent the app from being banned in the US
- K. O'Leary keeping TikTok from vanishing the US completely
- 'The deal is about protecting the privacy of Americans'
- What if this deal does not happen?
Buying TikTok could prevent the app from being banned in the US
People expressed their worries as talks about the TikTok ban grew stronger and more serious. Some of the US citizens rely on the platform as their main income source, others use it as entertainment or news source. However, the biggest issue was money: investments, advertisements, endorsements, and other campaigns.
In April, a new law was passed requiring the Chinese-owned video app TikTok to be sold by its parent company, ByteDance, or be banned entirely in the U.S. due to concerns about how it handles user data. At the time, tech policy lawyer Joel Thayer stated that "things don’t look good for TikTok."
TikTok's future is still not clear, and various billionaires have prepared their bids to buy the application and make it American so the ban could not be introduced. The possible sell-off triggers create an opportunity for investors in the US[1].
At the time of these talks, around Christmas, Frank McCourt, Executive Chairman of investment firm McCourt Global and Founder of Project Liberty, told NYNext, "We've been building the technology for five years… we have the capital and the technology and can now make it a better experience for TikTok users."
If TikTok is sold, ByteDance has already clarified that its highly addictive algorithm—the key to keeping users engaged—won’t be included in the deal. Any buyer would get TikTok’s name, video content, and millions of users, but they’d have to build a new recommendation system from scratch.
K. O'Leary keeping TikTok from vanishing the US completely
Investor F. McCourt considered this as an opportunity to rebuild apps like TikTok in an open-source way, giving people control over their own data. In 2021, he put $500 million into Project Liberty to make this vision a reality. "I've spoken with 20 top TikTok influencers—we even had dinner in Malibu. They're excited about the idea of truly owning their audience," he said[2].
Meanwhile, Shark Tank judge Kevin O’Leary is also interested in buying TikTok. He's been reaching out to small business owners on the platform through crowdfunding, hoping to put together a bid that keeps TikTok from ending up in the hands of just another giant corporation.
Now, he says that the deal is really on the table. TikTok is set to get banned on January 19th, unless the parent company, Beijing-based Bytedance, can find a buyer for their American business. Kevin O'Leary, an investor and judge on Shark Tank, made some public statements that he is near closing the deal.
The businessman stated that he would need the assistance of President-elect Donald Trump to get the deal confirmed. "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."
'The deal is about protecting the privacy of Americans'
Mr. Wonderful, Kevin O'Leary posted in social media stating that he is partnering with Frank McCourt on this deal. These investors and their team lead 'The People's Bid for TikTok.' His post also addressed the issue with the TikTok app itself. He said this deal is much bigger than just avoiding the ban.
TikTok is a Chinese application, and as with everything that comes from the country, people worry about the privacy and security of user data. The businessman specifically stated that it is more about the protection of privacy. "It’s about something much bigger: protecting the privacy of 170 million American users. It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms."
According to him, this social media and video-sharing platform has huge potential to be not only a tool for creators. This deal means that TikTok can still be available to US users, but things will most definitely change. K. O'Leary is determined to make the app an American-owned platform that is secure, innovative, and lets users control their data[3].
What if this deal does not happen?
The law, signed by President Biden, requires TikTok to be sold to a new owner by January 19, or it will be removed from app stores due to national security concerns. If the ban goes through, new users won’t be able to download TikTok, and current users won't get updates, which means the app will slowly stop working.
Apple and Google have been told to remove TikTok from their app stores by January 19. Even cloud service provider Oracle, which stores TikTok's U.S. user data, might be affected. For now, experts believe the 170 million TikTok users in the U.S. can still use the app since it's already installed on their phones. However, it could become slow, buggy, and eventually unusable without updates.
For many creators, TikTok isn't just for fun—it's their business. Influencers and small business owners who rely on TikTok to reach customers are worried about what comes next. The ban would force them to spend more on marketing, making it harder to grow their businesses.
Furthermore, TikTok's 7,000 U.S. employees also face uncertainty. Some workers fear layoffs, especially after a court recently upheld the sell-or-ban decision. Meanwhile, the company is still hiring, confusing some job seekers about TikTok's future[4].
The final decision is still up in the air. If TikTok isn't sold, it could be banned, leading to big changes for millions of users, businesses, and employees. Until then, people are bracing for what comes next—whether that means switching platforms, finding new marketing strategies, or finding ways to keep using TikTok despite the ban.
