Shark Tank investor says it will buy TikTok to prevent the platform from being banned in the US

Investor Kevin O'Leary, a well-known contestant on the popular show and entrepreneur platform "Shark Tank", has expressed his intention to acquire social media platform TikTok should the proposed ban on its use move forward. He is confident that the deal will not pass the scrutiny of big tech companies such as Meta and Google as regulators will not allow it.

Here's What We Know

A bipartisan bill has been introduced in the House of Representatives that would ban TikTok unless its parent company ByteDance separates from the app. The bill was introduced by top lawmakers on the House Select Committee on the Chinese Communist Party.

O'Leary claims that TikTok is one of the most successful social media advertising platforms to date and is valued at billions of dollars. He is ready to acquire the platform, which is actively used by all his companies.

If the bill is passed, ByteDance will have more than five months to separate from TikTok. Otherwise, use of the platform will become illegal in the US.

President Biden has confirmed that he will sign the bill if it is passed by Congress.

Go Deeper:

Kevin O'Leary, known as Mr. Wonderful and Maple Man, was born on 9 July 1954 in Montreal, Canada. He is a businessman, investor, journalist and television presenter. O'Leary is the co-founder of SoftKey Software Products, a company that sold software focused on family education and entertainment. In the late 1980s and 1990s, SoftKey became a major consolidator in the global educational software market by acquiring competing companies. SoftKey later changed its name to The Learning Company and was acquired by Mattel in 1999, making O'Leary a multi-millionaire. He is also known for appearing on the TV show "Shark Tank" where he invests in startups.

Source: The Hill