"We see no argument" — Shark Tank investor Kevin O'Leary and Frank McCourt make an official bid to buy TikTok

In a recent development, Shark Tank investor Kevin O'Leary and Frank McCourt, through his internet advocacy group Project Liberty, have formally submitted an offer to acquire TikTok from its parent company, ByteDance. O'Leary emphasized that their bid does not raise concerns regarding free speech, stating,

“We see no argument around free speech.”

The bid comes amid ongoing legal battles surrounding the app’s ownership, with U.S. lawmakers and national security experts scrutinizing TikTok’s data practices.

---

McCourt and Shark Tank investor O'Leary's plan to restructure TikTok and address national security concerns

McCourt's Vision for TikTok and financial considerations for the bid

Frank McCourt, through his Project Liberty initiative, aims to restructure TikTok by reducing user data collection, contributing to the creation of "an alternative internet." McCourt expressed in an interview with Fortune,

“It would really catalyze this alternative internet,” highlighting the importance of this change.

Project Liberty has gathered the necessary financial backing and investor support to proceed with the acquisition. Tomicoh Tilleman, President of Project Liberty, explained,

“You put all of those pieces together and we feel that now is the right time to move forward with an offer.”

The group has also received backing from U.S. government officials, including both the Biden and incoming Trump administrations. Regarding the financial aspects, the bid follows Project Liberty securing equity and debt financing, although the deal’s value remains undisclosed.

According to Fortune, ByteDance has not revealed TikTok’s exact worth, though McCourt has estimated it at $20 billion. The bid’s timing is also tied to ongoing litigation, with ByteDance contesting a law mandating a sale of TikTok by January 19, 2025. Tilleman noted,

“We believe it can complete a deal in 90 days,” referencing the 90-day extension clause linked to the sale.

---

ByteDance’s response and legal implications

As per Fortune, ByteDance has been a vocal opponent of the forced sale, arguing that it constitutes a violation of free speech rights for the platform’s 170 million American users. The company contends that selling TikTok to a U.S. entity could infringe upon these rights. O'Leary addressed these concerns directly, stating,

“TikTok will continue to go on, except compliant with Congress’s wishes and therefore this is not a free speech issue.”

The Shark Tank investor highlighted that the platform’s operations would remain unaffected by the proposed changes as long as it adhered to U.S. regulations.

O'Leary also emphasized the importance of demonstrating that there is a viable American buyer, which could resolve the national security concerns surrounding the platform’s Chinese ownership. By presenting a legitimate bid, the group aims to eliminate the notion that there are no interested American buyers.

“If ByteDance were to sell, the service could continue for users,” the Shark Tank investor added.

The timing of the offer also coincides with a pivotal moment in the ongoing legal battle. With the U.S. Supreme Court set to hear arguments regarding the forced sale, McCourt and O'Leary’s bid seeks to trigger a legal provision that could delay the implementation of the law, buying more time for negotiations.

Tilleman noted that Project Liberty has been in touch with the Department of Justice and believes the deal could be finalized in the allotted 90-day window.

---

Tune in on Shark Tank on ABC every Friday at 8:00 pm ET. Don’t miss out on the latest business ventures—stream Shark Tank episodes anytime on Hulu.