O’Leary Ventures chairman Kevin O’Leary joins ‘America’s Newsroom’ to discuss his efforts to buy TikTok after the Supreme Court upheld the upcoming sell-or-ban rule.
The clock may not be running out of TikTok as quickly as some previously thought. Social media may get a lifeline from TikTok critic-turned-user President-elect Trump. On Sunday, Trump told NBC News that he “might” give TikTok a 90-day extension from the January 19 deadline after he takes office on Monday.
On Friday, TikTok issued a statement about the “potential shutdown,” expressing disappointment at the Supreme Court’s upholding of a bipartisan rule banning the app unless the Chinese-owned parent company sells it on Sunday.
The TikTok logo is seen in this photo taken in Warsaw, Poland on Dec. 28. 2024. (Jaap Arriens/NurPhoto via Getty Images/Getty Images)
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“The statements issued today by the Biden White House and the Department of Justice failed to provide the necessary clarity and assurance to service providers essential to maintaining the availability of TikTok to more than 170 million Americans,” a statement from TikTok read.
The social media company has called on the Biden administration to ensure the ban will not be implemented, adding that TikTok will be “forced to go dark” if the White House fails to do so.
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“Shark Tank” investor Kevin O’Leary put $20 billion on the table to buy the app.
“There’s a reason Congress put this order before the Supreme Court. There’s a reason it ruled in its favor. It’s not worth the risk,” O’Leary said. “And so the obvious solution is to sell it to an American syndicate as instructed.”
Kevin O’Leary is reportedly offering $20 billion to buy TikTok. (Getty Images / Image Image / Getty Images)
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It’s not the first time Trump has hinted that he’s considering helping the video-sharing app. Last month, Trump admitted that he has a “warm spot in my heart” for TikTok after he used it in his latest presidential campaign.
“He has repeatedly stated that he believes that TikTok is an app for tens of millions of Americans to express their First Amendment rights and the federal government cannot just shut down the First Amendment right and violate the constitutional right of tens of millions of Americans to express themselves freely on this app,” Trump’s incoming press secretary -White House Caroline Leavitt told “Wall Street’s Maria Bartiromo” on Friday.
“That being said, the best outcome for everyone is that an American company has this program,” Leavitt added.
The Senate approved the forced sale of Chinese-owned TikTok after passing a major foreign aid package on Tuesday night. (Photo by Celal Gunes/Anadolu via Getty Images / Getty Images)
TikTok, which took the internet by storm during the COVID-19 crisis, has been the subject of controversy because of its parent company’s relationship with the Chinese government. Lawmakers on both sides of the aisle have expressed concern that the app could be used or has been used to collect large amounts of user data.
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As of now, TikTok’s parent company, ByteDance, has until midnight to sell the platform.
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