Canadian businessman and a Shark on the show, Kevin O’Leary is flexing muscles amid the TikTok crisis in the United States. Recently on Fox News Channel in a program called America’s Newsroom, Kevin O’Leary claimed that he has proposed $20 billion cash for life for the social media app. His proposition is made at a time when TikTok is under pressure from the United States government because of its ties with China.
Regulatory Challenges and Legal Pressures
ByteDance, TikTok’s parent company, has faced pressure to sell the app since the signing of a law by Biden. ByteDance is obliged to sell TikTok by the law, or else the app will be blocked in the United States. The Supreme Court has backed this decision recently, which strengthened the government’s position on the clampdown on foreign ownership of impactful tech companies. The time within which ByteDance can take an action is running out, making it more sensitive.
Since the government is declaring companies not retreating from TikTok support as hostile targets and increasing pressure in the form of fines against major service providers such as Apple or Oracle, the TikTok app could continue its work under the ownership of its current owner and cost these corporate giants millions of dollars in penalties. The punitive measures in case of noncompliance include heavy fines, which any company will find hard and unnecessary to contribute to the platform.
An Outline of Kevin O’Leary’s Plan of Acquisition Led by the United States
For $20 billion, Kevin O’Leary wants not only to guarantee the further operation of TikTok in the USA but also to have American ownership of the platform that would follow all the rules and European Union regulation principles. His offer emphasizes the great potential of TikTok because, with 170 million active users in the U.S., it is now a significant player in digital marketing, entertainment, and social communication.
As the deadline looms, ByteDance faces a critical decision—whether to accept Kevin O’Leary’s offer or explore other alternatives. The coming weeks will be crucial in determining TikTok’s fate in the U.S., with regulatory authorities, investors, and tech companies closely monitoring the situation.
