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In a recent reel shared by Shark Tank OG, Kevin O'Leary provided an important update on the ongoing discussions about TikTok's future in the United States. Interested in the purchase himself, O'Leary is keeping a careful eye on the decision-making process, which largely depends on China's position. He is part of a syndicate with Frank McCourt under Project Liberty.
"Frank McCourt and I, who put the syndicate together, Project Liberty, Dubai, TikTok, are waiting the outcome like all the others are from Qi," he shared.
The Chinese government, especially Qi, has the authority to decide whether or not the app will be sold because it owns a golden share in ByteDance, TikTok's parent company. O'Leary believes that tariff points, which former President Donald Trump is using to pressure a decision, may be worth more than TikTok itself.
A decision has not yet been made, even though several buying groups have expressed interest. Given the complexity of the situation, O'Leary expects that an extension may be granted soon.
O’Leary and McCourt are willing to negotiate an agreement that complies with U.S. regulations regardless of the outcome. They remain open to working within any guidelines set by Trump and Qi, ensuring legal compliance and safeguarding the platform's future.
Shark Tank's Kevin O'Leary awaits TikTok sale decision
Frank McCourt and Shark Tank's Kevin O'Leary are closely monitoring TikTok's future as sale talks continue. As a member of the Project Liberty syndicate, O'Leary understands that the Chinese government—particularly Qi, who has a significant stake in ByteDance—has the final say. Donald Trump is attempting to influence the decision by proposing tariff points, which O'Leary believes could be worth more than TikTok itself.
"Obviously, Trump is trying to coax a decision out of him by offering tariff points. And Trump is right, you know, single tariff points probably worth more than TikTok. But we don't have any indication yet, any of the buying groups, that Qi has decided what he wants to do."
As lawmakers work to fully separate TikTok from Chinese ownership, O'Leary expects the decision-making process to be prolonged. Even though several purchasing parties have shown interest, legal issues remain a significant hurdle.
"At the end of, which I did last night, there's a lot of lawmakers that want to see this asset completely disentangled from the Chinese code and bike dance completely. So the interpretation of what the law says is key," Shark Tank expert said.
He also pointed out that any business operating under the current regulations could face severe financial consequences due to potential fines for non-compliance.
Despite the uncertainty, O'Leary and McCourt are prepared to proceed with a deal under any terms that the United States and China decide upon. Their focus remains on addressing legal concerns and ensuring that TikTok adheres to government regulations for its future.
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Stay tuned to Shark Tank's Kevin O'Leary's Instagram for updates on the TikTok deal.
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