‘Make TikTok great again’: Kevin O’Leary explains his plan to save the platform

‘Mr. Cool’ Kevin O’Leary teams up with another investor in a bid to save TikTok and hopes China and the Supreme Court will let them make it “cool again.”

The “Shark Tank” star is teaming up with Project Liberty founder Frank McCourt to buy the US platform’s assets from its parent company, ByteDance, and “rebuild the platform in a way that… Gives priority to privacy From 170 million US users.

Supreme Court appears skeptical of US ban on TikTok: what to know

TikTok faces a potential ban due to the Protecting Americans from Apps Surveilled by Foreign Adversaries Act, a The law signed by President Biden Which was approved by Congress last April with bipartisan approval. By midnight on January 19, the app may be removed from US-based app stores unless pulled from its parent company.

“I want to work with him (McCourt) because he’s done a lot of work on the algorithm, and he allowed me to be part of this deal so we could buy TikTok without buying the Chinese spyware,” O’Leary told The Big Money Show. “On Tuesday.

Tik Tok has it faced controversy over Being a China based company it is allegedly used as spyware for the Chinese Communist Party. Lawmakers on both sides of the aisle I have been warned The potential national security threat TikTok allegedly poses to US phones.

“The reason TikTok got canceled in the United States is because of the algorithms that allow you to spy,” O’Leary said, explaining how he and McCourt will restructure the platform so users can decide whether or not to share their data with TikTok. no. Under its ownership, users who choose to share their data will get paid, O’Leary said.

“If they share it and want to monetize it, they get a piece of the advertising work. I think that’s great,” he said. “We’re going to make this thing work the way the market wants it to work, and then we’re going to take it around the world.”

If their bid to acquire the social media platform is successful, O’Leary explained how they would change the platform to better align with American interests.

Besides giving users ownership of their data and removing “Chinese spyware,” the investor asserted that TikTok has the potential to grow from its current 170 million users to “well over 200 million” by regaining user trust.

“We have to win back everyone who doesn’t trust it, won’t put it on their phone,” O’Leary said Friday. “And the way to do that is to democratize it, and let people invest alongside us.” On FOX Business Channel’s “Varney & Co.”

“The third thing that I think everyone will find attractive, including Trump, is that we’re going to open it up so that it’s interactive. So if you’re posting on Truth Social or on Like Instagram and Meta, to do the same thing.”

The investor also said how he will look to include countries like India, Switzerland, France, Canada and Germany on the platform after making these changes.

“This thing is going to be the biggest TV network in the world in a couple of years,” O’Leary said of TikTok’s growth potential.

Supreme Court weighs TikTok ban on Friday; National security, freedom of expression arguments are taken into account

O’Leary and McCourt’s bid will be affected by the Supreme Court’s long-awaited ruling on the platform blocking law unless it is withdrawn and then ByteDance’s willingness to do so if they are forced to do so before the deadline. The Supreme Court on Friday heard oral arguments in a case fast-tracked before President-elect Donald Trump returns to the White House. The final decision is expected to be issued before Inauguration Day.

O’Leary explained how the Supreme Court’s decision to uphold the ban would be “good news” for their effort.

“What that means is the company is entering into a binary decision on whether to allow it to close at midnight on the 19th or to deal with a buyer,” he told Fox News’ “America Reports” on Friday. “Now, you may be aware that we made an offer — I think we’re the only syndicate formed that made a viable offer last night — to ByteDance, and they might want to start looking at it because there’s $30 to $40 billion worth of assets there. “American shareholder value is tied up there, and if the Supreme Leader (Chinese President Xi Jinping) so desires, we can close it down like they did in India and have that capital wiped out for future capital appreciation.”

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O’Leary argued that his and McCourt’s ambitious plans for TikTok depend too much on Xi Jinping.

He added: “I think the only person who matters in this deal is the Supreme Leader, who must decide. All Chinese companies are under his control.”

O’Leary went on to explain how China wants to be seen as a “destination” for capital, explaining that every country needs it to grow its economy, even those in hostile positions with the United States like China.

“They’re competing for the status of the largest economy. So, if you want to be a big boy and you want to play in international markets, don’t wipe out shareholders’ money. It’s not just American shareholders. All the sovereign wealth funds around the world in the world, many of them have Huge investments in ByteDance.”

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“But that won’t be my decision or Frank McCourt’s decision. We both put our union out there. We made the offer. Every American shareholder has our offer. They know it. That’s really up to you. ByteDance is the one that will decide.”

O’Leary stressed that he believes ByteDance should seriously consider their offer next The freedom of expression argument In court it “fell on deaf ears.”

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“We will make it complete freedom of expression,” he said. “We will make it much better and we will make sure we abide by the courts’ orders. This is the right way.”