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TikTok needs no introduction as the social media platform's popularity trajectory has gone up over the years. Despite being banned in a few countries, it is still a hit in the US with more than 170 million users in the country. Therefore, its net worth is skyrocketing.
The application provides users with a platform to record and upload short-form videos. Its algorithm allows users to keep scrolling and watching videos as per their interests. The application is used by six out of ten Americans under 30 years of age.
According to CBS, Wedbush Securities analyst Dan Ives has confirmed that TikTok's net worth, along with its algorithm is estimated at $100 billion. However, in October 2024, GrowthScribe estimated the application's net worth at $75 billion.
The application is a subsidiary of Chinese technology firm ByteDance. Its headquarters are located in Beijing, China.
Why Kevin O'Leary is planning to buy TikTok?
For the unversed, President Joe Biden signed a bill on Wednesday that gave the company a year's time to get rid of its Chinese ownership or it will be banned in the US. While the company is willing to fight the law in court, businessman Kevin O'Leary has shared his interest in purchasing it.
During an appearance on Fox News on Monday, the Shark Tank star, businessman, and investor said that he is interested in buying the platform before it is banned in the US. However, he added that he would need President-elect Donald Trump's help in the process of buying out the platform. He said,
"Trump will be who we have to work with to close the deal in the months ahead. So I wanted to let him know, as well as others in his cabinet, that we’re doing this, and we’re going to need their help."
O'Leary also took to his X (formerly Twitter) to announce that he is placing his bid to buy the platform in partnership with former Dodgers owner Frank McCourt.
"I’m excited to share that I’m partnering with Frank McCourt and the visionary team at @pro_jectliberty to lead The People’s Bid for TikTok!"
He further added that he is aiming to protect Americans' privacy by buying the platform.
"This isn’t just about buying TikTok’s U.S. assets. It’s about something much bigger: protecting the privacy of 170 million American users. It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms."
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Dan Ives has estimated that there is a 75% chance the application will be sold. However, it is not confirmed if the owners of TikTok are willing to sell to any US-based company. More information regarding the same is awaited.
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