With the TikTok ban approaching on Sunday, “Shark Tank” investor Kevin O’Leary said he’s willing to make a $20 billion cash offer for the social media platform.
“Right now, $20 billion’s on the table. Cash,” O’Leary said, according to Fox Business.
WATCH:
Kevin O’Leary (@kevinolearytv) who has offered $20 billion cash to buy TikTok after the company announced they will shut down in the U.S. on the 19th: “We can’t let this go dark” pic.twitter.com/184x27NOla
— ALX
(@alx) January 18, 2025
The Supreme Court unanimously upheld a law on Friday that would force TikTok’s sale from a Chinese-owned company or see the social media platform banned, rejecting an appeal from the app’s owners claiming the ban violates the First Amendment.
The divestiture law is scheduled to take effect on January 19th.
Per Fox Business:
The law gave TikTok nine months to either divest from its Chinese parent company, ByteDance, or be removed from U.S.-based app stores and hosting services.
Congress originally cited concerns over the app's Chinese ownership, which members said meant the app had the potential to be weaponized or used to amass vast amounts of user data, including from the roughly 170 million Americans who use TikTok.
TikTok, ByteDance and several users of the app swiftly sued to block the ban in May, arguing the legislation would suppress free speech for the millions of Americans who use the platform. After a lower court upheld the ban, the Supreme Court agreed to hear TikTok's emergency request to either block or pause implementation of the law under a fast-track timeline just nine days before the ban was slated to go into effect.
But now, TikTok will "go dark" by midnight on Sunday, O’Leary notes, while adding that the clock is "ticking" to strike a deal.
WATCH:
NEW: Kevin O'Leary has offered $20B in cash to acquire TikTok as the ban is set to go into effect.
The announcement comes as the Supreme Court backed the law requiring TikTok to be banned or sold.
O'Leary warned that TikTok service providers could be forced to pay "over a… pic.twitter.com/PdDGwXG6I2
— Collin Rugg (@CollinRugg) January 18, 2025
From The Hill:
O’Leary made note of the fines that could be in store for any provider that allows access after the deadline.
“As of midnight on the 19, any service provider … that could be an Apple, that could be an Oracle, it could be a video compression technology company that’s being paid as a consulting service, any of them that keep this thing alive is subject to $5,000 a day fine times 170 million,” O’Leary told anchor Bill Hemmer in the interview. “That’s over a billion dollars a day.”
He said companies are weighing risk factors in keeping the app available amid a shrinking timeline.
ADVERTISEMENTO’Leary said the leadership of companies hosting the TikTok app are certainly getting counseled on whether any fines would take effect, based on a potential action from the incoming Trump administration.
“We don’t know if an executive order can override a law from Congress. There’s a case in 1937 that was used successfully, but you don’t know.”
President Trump has reportedly considered issuing an executive order to suspend the ban for 60-90 days for a deal to be made.
Donald Trump is reportedly considering issuing an executive order once in office to suspend the TikTok ban for 60-90 days
(via @washingtonpost) pic.twitter.com/8YRV6MAKfR
— Culture Crave
(@CultureCrave) January 15, 2025
With days until President Trump takes office, a Biden administration official said enforcement of the TikTok ban would be up to the Trump administration.
TikTok’s Fate Up To Trump Administration, White House Official Says
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