Shark Tank star’s plan to save TikTok from the US ban, “I think …… for Americans” – Times of India

Kevin O’Leary, the celebrity investor from the TV show “Shark Tank,” wants to buy TikTok, and he plans to use crowdfunding, where many people give small amounts of money, to raise the funds needed. This comes after a new law that says TikTok‘s Chinese owner, ByteDance, must sell the app’s US business or it will be banned over worries about data privacy.
O’Leary, known as “Mr. Wonderful” on the hit reality show, said in an Instagram video, “I think we’ve got to democratise the whole platform, make it a platform for Americans.” His website, wondertiktok.com, links to a StartEngine crowdfunding page titled “Mr. Wonderful’s Plan to Buy TikTok.”
The page allows potential investors to make non-binding reservations, indicating their interest in the project without committing any funds at this time. O’Leary believes TikTok is worth $20 billion to $30 billion, citing its more than one billion active users and $16 billion in US revenue last year.
However, the crowdfunding effort may be limited to wealthy individuals due to US regulations that restrict such investments to people earning over $200,000 or those with specific financial qualifications. This has raised questions about the “democratisation” of the platform, as many of TikTok’s users and small business owners may not meet these criteria.
O’Leary is the latest in a series of high-profile figures expressing interest in acquiring TikTok. Former Treasury Secretary Steve Mnuchin, Activision Blizzard ex-CEO Bobby Kotick, and billionaire Frank McCourt have all indicated their willingness to buy the app. McCourt has also proposed a crowdfunded “people’s bid” to save TikTok.
ByteDance has until mid-January to find a US buyer, with a possible three-month extension if significant progress is made. However, the company has stated it would rather shut down TikTok than sell it, particularly if the deal does not include the app’s core algorithm, which drives its powerful recommendation engine.
China has said it doesn’t want to sell TikTok and won’t let anyone else have the algorithm. This means whoever buys TikTok might have to make a new algorithm, which could change how well the app works and how much people like it.
TikTok is suing the US government, saying the forced sale is unfair and not really about security. For now, TikTok is still working as usual, but its future in the US is uncertain.
O’Leary’s crowdfunding idea adds a new twist to the TikTok story, but there are still questions about whether it will work and if it’s fair to everyone. As the January deadline gets closer, the race to buy or save TikTok is likely to get more intense, with lots of money and the privacy of millions of Americans at risk.