Canadian investor and Shark Tank star, Kevin O’Leary, has made headlines by initiating a crowdfunding campaign with the aim of purchasing the popular social media platform, TikTok. This move comes in the wake of US lawmakers’ decision to potentially ban the Chinese-owned app from American app stores unless it is sold within a year.
O’Leary, known for his role on Shark Tank, announced his crowdfunding endeavor to acquire TikTok, inviting interested individuals to reserve spots as potential investors in the anticipated US version of the platform. While the campaign is not yet accepting monetary contributions, reservations serve as an expression of interest.
If the crowdfunding initiative gains traction, it will be subject to US regulations that restrict participation to individuals meeting specific income or financial expertise criteria. O’Leary expressed his vision to safeguard user data from foreign entities, emphasizing the importance of protecting privacy on the platform.
Notably, O’Leary had previously expressed his interest in acquiring TikTok, asserting that he aims to prevent the app from facing a ban. In March, he boldly stated his intention to purchase the platform, citing concerns over potential antitrust issues hindering other tech giants like Google or Meta from making a bid. O’Leary proposed an initial bid ranging from US$20 billion to US$30 billion, significantly lower than the company’s previous valuation.
Despite the lack of specific fundraising goals disclosed on the newly established website, O’Leary’s project has generated significant attention within the investment and tech communities. The campaign’s potential implications for the future of TikTok remain uncertain, especially amidst ongoing legal disputes and regulatory challenges.
The decision to bar Chinese-owned TikTok from US app stores has prompted various parties, including former Los Angeles Dodgers owner Frank McCourt and ex-US Treasury Secretary Steven Mnuchin, to explore potential acquisitions. However, O’Leary’s crowdfunding approach sets a unique precedent in the race to secure ownership of the popular social media platform.
