Canadian entrepreneur Kevin O’Leary has announced a reported partnership with real estate magnate Frank McCourt to purchase TikTok. This acquisition, which O’Leary described as a “multibillion-dollar deal,” comes as the Chinese-owned app faces potential U.S. bans over national security concerns.
O’Leary revealed his plans during an interview, emphasizing the necessity of bipartisan cooperation to finalize the deal. “We’re going to have to work with [U.S. President-elect Donald Trump]. This is a bipartisan situation. We have to work initially with Biden, and we want to,” O’Leary said. “Then at midday,… Trump will be who we have to work with to close the deal in the months ahead.”
TikTok, owned by Beijing-based ByteDance, has faced intense scrutiny in the U.S. for years. Critics, including government agencies, allege the app poses a national security threat by potentially sharing American user data with the Chinese government. ByteDance has consistently denied these claims, but U.S. lawmakers remain divided on the issue.
In April 2024, Congress passed legislation requiring ByteDance to sell TikTok’s U.S. operations or face a nationwide ban. The law, supported by bipartisan concerns over data privacy and content manipulation, mandates compliance by January 19, 2025. ByteDance has resisted, citing Chinese regulations that restrict the sale of algorithmic technology and challenging the law on First Amendment grounds.
The Department of Justice has pushed for a swift resolution, emphasizing that TikTok could be exploited by foreign adversaries. Meanwhile, TikTok and its parent company have appealed to the Supreme Court, requesting an injunction to block the law and safeguard its U.S. operations.
McCourt and Project Liberty
O’Leary’s involvement adds a significant dimension to TikTok’s turbulent saga. Partnering with McCourt—known for his tenure as the owner of the Los Angeles Dodgers and for spearheading blockchain initiatives—O’Leary is seeking to acquire the platform amid heightened geopolitical tensions.
McCourt, founder of Project Liberty and executive chairman of McCourt Global, has announced his initiative to lead a consortium aimed at purchasing TikTok’s U.S. operations to prevent the platform’s potential ban. The group, dubbed the “People’s Bid for TikTok,” seeks to empower users by giving them control over their own data, a principle aligned with Project Liberty’s mission to decentralize the internet.
According to McCourt, verbal commitments totaling up to $20 billion have already been secured for the acquisition, as stated on the Project Liberty website. However, the deal would not include TikTok’s algorithm, which China considers proprietary intellectual property. Speaking on CBS’ Face the Nation, McCourt acknowledged that China’s resistance to selling the app in its entirety poses a significant obstacle.
McCourt launched Project Liberty in 2021 with an initial $100 million investment, later increasing his commitment to $500 million by 2023, according to McCourt Global Communications Director Anna Feagan. The initiative aims to create a decentralized internet model, which McCourt argues is necessary to combat the exploitation of personal data by major tech companies.
“The internet is broken, and it’s urgent that we fix it,” McCourt states on the Project Liberty website. “The institutions and ideals we cherish most are being destroyed for the use of free apps that steal our personal data and digital identities.”
Their combined bid is likely aimed at alleviating U.S. government concerns by transferring TikTok’s ownership to American hands. However, this comes with substantial challenges, including navigating Chinese export restrictions and addressing U.S. political skepticism. The duo’s proposal may serve as a middle ground, balancing national security demands with TikTok’s massive popularity, especially among younger Americans.
Trump’s Influence on TikTok’s Future
Trump, who has wavered on the TikTok ban, is expected to play a key role in shaping the platform’s fate. During his first term, Trump sought to ban TikTok outright, citing national security concerns.
However, in recent months, he has softened his stance, describing TikTok as a valuable communication tool. “I have a warm spot in my heart for TikTok,” Trump said during a press conference, signaling a willingness to explore alternatives to a complete ban.
Trump’s evolving position has drawn criticism, particularly from former U.N. ambassador Nikki Haley. Haley recently condemned any reversal of the ban, warning it would empower China at the expense of U.S. interests.
“If the TikTok ban is reversed, with the Chinese Communist Party still in control of it, it will be the first of many wins for China,” Haley said.
Information for this story was found via USA Today and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
