Kevin O’Leary is optimistic about recent developments in the TikTok ownership saga, following the Supreme Court’s apparent inclination to support legislation that would compel ByteDance to sell TikTok’s U.S. operations or face prohibition. O’Leary, collaborating with billionaire Frank McCourt, has positioned himself as a potential buyer of TikTok’s U.S. business.
During Friday’s Supreme Court session, all justices expressed doubts about TikTok’s constitutional challenge, particularly its First Amendment claims. Chief Justice Roberts specifically addressed concerns about the platform’s Chinese ownership connections. The legislation could force TikTok to choose between finding a buyer or ceasing U.S. operations by January 19.
Speaking on Fox News, O’Leary welcomed these developments, viewing them as favorable to his acquisition plans. Despite ByteDance’s current unwillingness to sell, O’Leary and McCourt’s Project Liberty proposes acquiring TikTok’s U.S. operations without its algorithm, valuing this portion at approximately $20 billion. Their vision includes creating a more balanced internet ecosystem while maintaining the platform’s presence in the U.S.
O’Leary acknowledges that any successful deal would require approval from Chinese President Xi Jinping, given his influence over major Chinese corporations. He has also discussed the potential acquisition with President-elect Trump, seeking support from the incoming administration. The proposal aims to preserve TikTok’s U.S. presence while addressing national security concerns and promoting free speech values.
Their acquisition strategy presents a potential solution that could prevent a complete ban while restructuring TikTok’s ownership to align with U.S. interests and regulations.