Is Shark Tank’s Kevin O’Leary buying TikTok to save it from ban in US?

Is an investor from ‘Shark Tank’ set to save TikTok ahead of its ban in the United States?

Kevin O’Leary has said he has joined a group that is getting ready to bid for TikTok.

“This isn’t just about buying TikTok’s US assets,” O’Leary wrote on X on Monday. “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 prioritises people over algorithms.”

US President Joe Biden had in April 2024 signed into law legislation that gave the popular short video app used by 170 million Americans until January 19 to sell TikTok’s US assets or face a ban.

The law was passed by Congress after concern from lawmakers over the influence China was having over their citizens particularly the youth and how Beijing would use the data collected.

ByteDance, the owner of the app, insists that this is “not possible technologically, commercially, or legally.”

The US Supreme Court is set to hear arguments over the ban on Friday.

But what do we know about O’Leary, also known as ‘Mr Wonderful?’ Is he really buying TikTok?

Let’s take a closer look:

Who is he?

As per USA Today, O’Leary is a Canadian politician and businessman.

He is one of the ‘sharks’ on the reality show ‘Shark tank.’

O’Leary is chairman of investment platform O’Leary Ventures.

He is chairman of investment firm Beanstox.

As per The Street, O’Leary’s net worth is at an estimated $400 million.

O’Leary was raised mainly by his mother – a small business owner and amateur investor.

He said his mother taught him how to save, invest, and manage money.

O’Leary grew up mostly in Quebec.

However, he also lived abroad including in Asia, Africa, and the Mediterranean thanks to his stepfather, who was employed with the UN’s International Labour Organization, having to travel for work.

O’Leary did his Bachelor’s degree from Ontario’s University of Waterloo and an MBA from the University of Western Ontario’s Ivey Business School, graduating in 1980.

His first real job was interning with Nabisco – which he says gave him marketing acumen he would use the rest of his life.

O’Leary then co-founded a production company called Special Event Television with two business school peers Scott Mackenzie and Dave Toms.

The firm released shows such as “Hockey Legends” and “Don Cherry’s Grapevine.”

O’Leary then founded software firm Softkey – which was purchased by Mattel for $4.2 billion in 1999.

O’Leary then invested in a number of business ventures including an investment firm and a wine brand.

He also gained fame as a TV personality with shows such as “Dragon’s Den,” “Shark Tank,” and “The Lang and O’Leary Exchange.”

The origin of his ‘Mr Wonderful’ nickname remains unclear, as per The Street.

What do we know about the bid?

The bid to buy TikTok is being led by billionaire Frank McCourt.

According to USA Today, McCourt is the executive chairman of McCourt Global and the founder of Project Liberty.

He has put together a consortium known as the “People’s Bid for TikTok.”

McCourt claims to have verbal commitments of around $20 billion to buy TikTok .

McCourt previously owned the Los Angeles Dodgers.

He sold the team in 2012.

McCourt has confirmed O’Leary’s participation in the bid.

“Kevin has been a relentless advocate for new ownership of this platform as he understands the enormous opportunity a sale presents for investors, the millions of creators who rely on the platform for their livelihoods, and everyday Americans who love the platform,” McCourt said in a statement as per Los Angeles Times. “We’ve built a clean, American-made tech stack and continue to be the only viable bidder that can offer a seamless transition for everyone on TikTok without the existing algorithm.”

“I have joined with Frank McCourt to buy TikTok ,” O’Leary Fox News on Monday. “This is a very complicated deal. It’s a multi-billion dollar deal.”

O’Leary said he will be working with both Biden and Trump to close the deal.

“This is a bipartisan situation,” he said. “We have to work initially with Biden, and we want to. And then… Trump will be who we have to work with to close the deal in the months ahead. So I wanted to let [Trump] know as well as others in his Cabinet that we’re doing this and we’re going to need their help.”

“Together with Frank, we aim to deliver an American-owned platform that safeguards national security,” O’Leary said in a statement. “I’m confident that our shared vision, paired with President-elect Trump’s business acumen, will lead to a deal that benefits everyone.”

With inputs from agencies