"I'm concerned" Shark Tank's Kevin O'Leary talks about attempting to save TikTok 

Shark Tank star, Kevin O'Leary has once again come forward during the TikTok controversy with a bold plan to save the platform. The businessman recently took to Instagram to share his vision:

"I'm concerned about the 7 million businesses on TikTok that make their living there. I want to make sure that they have an opportunity, using a law here in the U.S. called the Jobs Act to be able to invest beside me, no matter what amount they want to put in. So they become shareholders in the platform. That's why we call it the people's bid in the first place. So we have millions of shareholders in this deal that are all involved in supporting it and making their living from it."

The move comes as TikTok faces an imminent ban in the United States over privacy concerns. Kevin O'Leary, who is well-known on Shark Tank for his business savvy and sharp instincts, has teamed up with Frank McCourt, the creator of Project Liberty, to provide an unprecedented solution: allowing American customers to own stock in the platform's U.S. operations.

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What is Kevin O'Leary’s plan to acquire TikTok?

The proposal, known as "The People's Bid," is a collaborative endeavor between Project Liberty founder, Frank McCourt, and Kevin O'Leary, head of O'Leary Ventures. The goal of this plan is to buy ByteDance's U.S. assets from TikTok.

With an emphasis on protecting the platform's community and granting 170 million American TikTok users power over their data, Project Liberty and its allies put in their offer on January 9:

"We've put forward a proposal to ByteDance to realize Project Liberty's vision for a reimagined TikTok – one built on an American-made tech stack that puts people first," says Frank McCourt."

His plan involves migrating users to new American-built digital infrastructure, prioritizing privacy without disrupting the platform's functionality.

The collaboration between Kevin O'Leary and McCourt brings together business expertise and technological innovation.

"I've spoken to all the potential bidders, and it's clear to me that Frank McCourt and Project Liberty are the team to get this done," O'Leary states.

He added:

"This is the bid that can save TikTok."

Project Liberty's president, Tomicah Tillemann, supports this vision:

"Project Liberty is the right buyer for TikTok's U.S. business. We have the technology, resources, and team to complete a deal and protect TikTok's position as a cultural cornerstone of the internet."

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Supreme Court’s ban announcement and its impact

Recent developments have shaped Kevin O'Leary's approach. The algorithm cannot be included in any sale of TikTok's U.S. business from ByteDance, as the Supreme Court decided to go forward with the prohibition owing to privacy concerns.

O'Leary sees this as an advantage for their bid, as the algorithm was never a part of their proposal in the original deal:

"So, we're ahead of the game in that sense," he told Fox Business.

He makes it clear that the now-banned algorithm is not included in their offer. Fair recompense for ByteDance, users' continuing access to the platform, and the preservation of American data privacy are all objectives that the plan seeks to balance. While financial details remain private until ByteDance reviews the proposal, the team remains optimistic about their solution's viability.

Kevin O'Leary's initiative includes a public participation component through wonderfultiktok.com, though he carefully notes that no money is being solicited yet:

"No money or other consideration is being solicited, and if sent in response, will not be accepted... a person's indication of interest involves no obligation or commitment of any kind."

The fate of TikTok in America hangs in the balance, but Kevin O'Leary and Project Liberty believe their people-first approach might be the key to keeping the platform alive while addressing national security concerns.

As millions of American users and businesses await a resolution, this unique proposal offers a potential path forward that could reshape how social media platforms operate in the United States.

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