O’Leary Ventures President Kevin O’Leary joins “America’s Newsroom” to discuss his efforts to buy TikTok after the Supreme Court upheld the upcoming sell-or-ban law.
The clock may not be running out of TikTok as quickly as some previously thought. The social media platform could receive a lifeline from TikTok critic-turned-user President-elect Trump. On Sunday, Trump told NBC News that he would “most likely” grant TikTok a 90-day extension from the Jan. 19 deadline after he takes office on Monday.
TikTok released a statement on the “possible shutdown” on Friday, expressing disappointment with the Supreme Court’s upholding of the bipartisan-backed law banning the app unless its Chinese parent company sells by Sunday.
The TikTok logo is seen in this illustrative photo taken in Warsaw, Poland, on December 28, 2024. (Jaap Arriens/NurPhoto via Getty Images / Getty Images)
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“The statements released today by the Biden White House and the Department of Justice failed to provide the clarity and assurance needed by service providers who are integral to maintaining TikTok’s availability for more 170 million Americans,” TikTok’s statement said.
The social media company called on the Biden administration to ensure the ban would not be enforced, adding that TikTok would be “forced to go dark” if the White House did not do so.
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Kevin O’Leary, investor in “Shark Tank” presented a $20 billion cash offer to buy the app.
“There’s a reason Congress submitted this order to the Supreme Court. There’s a reason they ruled in its favor. It’s not worth the risk,” O’Leary said . “So the obvious solution is to sell it to a US syndicate in accordance with the order.”
Kevin O’Leary reportedly offered $20 billion in cash to buy TikTok. (Getty Images/Photo illustration/Getty Images)
This isn’t the first time Trump has suggested he plans to help the video-sharing app. Last month, Trump admitted to having “a hot spot in my heart” for TikTok after using it during his last presidential campaign.
“He has repeatedly said that he believes TikTok is an app on which tens of millions of Americans express their First Amendment rights and that the federal government cannot simply take away the First Amendment right and violate the constitutional right of tens of millions of Americans who express themselves freely on this app,” said Trump’s new White House press secretary, Karoline Leavitt. “Wall Street by Maria Bartiromo” Friday.
“That said, of course the best outcome for everyone is for an American company to own this app,” Leavitt added.
The Senate approved the forced sale of Chinese-owned TikTok after passing a larger foreign aid package late Tuesday. (Photo by Celal Gunes/Anadolu via Getty Images / Getty Images)
TikTok, which took the internet by storm during the COVID-19 pandemic, has been the subject of controversy due to its parent company’s ties to the Chinese government. Lawmakers on both sides have expressed concern that the app could be used as a weapon or to collect large amounts of user data.
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Now, TikTok’s parent company ByteDance has until midnight to sell the platform.
