Kevin O’Leary
Dear reader,
Kevin O’Leary, known for his role on Shark Tank, has proposed an ambitious plan to buy TikTok through a crowdfunding initiative.
This effort, announced via Instagram, aims to gauge public interest in collectively purchasing the popular social media platform, although actual payments are not being accepted at this stage.
The campaign, targeting wealthy investors or those with specific financial qualifications, seeks to democratize TikTok and ensure user data protection from foreign entities. This initiative follows recent US legislative actions threatening to ban Chinese-owned TikTok unless it is sold.
O’Leary’s bid, potentially starting at US$20 billion to US$30 billion, reflects a significant devaluation from ByteDance’s last funding round. His plan to acquire TikTok faces competition from notable figures like former Los Angeles Dodgers owner Frank McCourt and ex-Treasury Secretary Steven Mnuchin.
O’Leary has acknowledged the challenge posed by the unavailability of TikTok’s proprietary “For You Page” algorithm, which may diminish the platform’s appeal if not included in the sale.
As a seasoned investor with a history of consolidating software businesses, O’Leary’s initiative underscores the growing interest and complexity surrounding TikTok’s potential acquisition.
Sainul,
Editor.
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NEWS
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