O’Leary Ventures chairman Kevin O’Leary joins ‘America’s Newsroom’ to discuss his efforts to buy TikTok after the Supreme Court upheld the upcoming sell-or-ban law.
The clock might not be running out for TikTok as quickly as some previously thought. The social media platform could receive a lifeline from TikTok critic-turned-user President-elect Trump. On Sunday, Trump told NBC News that he would “most likely” give TikTok a 90-day extension from the Jan. 19 deadline after he enters office on Monday.
On Friday, TikTok released a statement on the “possible shutdown,” expressing disappointment in the Supreme Court’s upholding of the bipartisan-backed law banning the app unless its Chinese-owned parent company sells by Sunday.
The TikTok logo is seen in this illustration photo taken in Warsaw, Poland on 28 Dec. 2024. (Jaap Arriens/NurPhoto via Getty Images / Getty Images)
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“The statements issued today by both the Biden White House and the Department of Justice have failed to provide the necessary clarity and assurance to the service providers that are integral to maintaining TikTok’s availability to over 170 million Americans,” the statement from TikTok reads.
The social media company called on the Biden administration to ensure that the ban would not be enforced, adding that TikTok would be “forced to go dark” if the White House fails to do so.
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“Shark Tank” investor Kevin O’Leary put a $20 billion cash offer on the table to buy the app.
“There’s a reason that Congress put this order in front of the Supreme Court. There’s a reason they ruled in favor of it. It’s not worth taking the risk,” O’Leary said. “And so the obvious solution is to sell it to an American syndicate as per the order.”
Kevin O’Leary is reportedly offering $20 billion in cash to buy TikTok. (Getty Images/Photo illustration / Getty Images)
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This isn’t the first time Trump has hinted that he is considering helping the video-sharing app. Last month, Trump admitted to having a “warm spot in my heart” for TikTok after using it in his latest presidential campaign.
“He has said repeatedly that he believes TikTok is an app that tens of millions of Americans are expressing their First Amendment rights on and the federal government can’t just shut off the First Amendment right and violate the constitutional right of tens of millions of Americans who are expressing themselves freely on this app,” Trump’s incoming White House Press Secretary Karoline Leavitt told “Maria Bartiromo’s Wall Street” on Friday.
“With that said, of course the best outcome for everyone is for an American company to own this app,” Leavitt added.
The Senate approved the forced sale of Chinese-owned TikTok after passing the larger foreign aid package Tuesday night. (Photo by Celal Gunes/Anadolu via Getty Images / Getty Images)
TikTok, which took the internet by storm during the COVID-19 pandemic, has been the subject of controversy due to its parent company’s ties to the Chinese government. Lawmakers on both sides of the aisle have expressed concern that the app could be weaponized or used to collect vast amounts of user data.
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As of now, TikTok’s parent company, ByteDance, has until midnight to sell the platform.
