TikTok to be bought out to prevent blocking in the US
Investor Kevin O’Leary, a well-known participant of the popular show and platform for entrepreneurs “Shark Tank”, expressed his intention to purchase the social platform TikTok if the proposed ban on its use is approved. He is confident that the deal will not be controlled by large tech companies such as Meta and Google, as regulators will not allow it, The Hill writes.
What is known
A bipartisan bill was introduced in the House of Representatives that would ban the use of TikTok unless its parent company, ByteDance, separates from the app. The bill was introduced by leading lawmakers of the House Special Committee from the Chinese Communist Party.
O’Leary claims that TikTok is one of the most successful social media advertising platforms today and is valued at billions of dollars. He is ready to buy a platform that is actively used by all his companies.
If the bill is passed, ByteDance will have more than five months to separate from TikTok. Otherwise, the use of the platform will become illegal in the United States.
President Biden confirmed that he will sign the bill if it is passed by Congress.
For those who want to know more:
Kevin O’Leary, known as Mr. Wonderful and Maple Man, was born on July 9, 1954 in Montreal, Canada. He is a businessman, investor, journalist and TV presenter. O’Leary co-founded SoftKey Software Products, a company that sold software focused on family education and entertainment. In the late 1980s and 1990s, SoftKey became a major consolidator in the global education software market by acquiring competing companies. SoftKey later changed its name to The Learning Company and was acquired by Mattel in 1999, making O’Leary a multimillionaire. He is also known for his participation in the TV show Shark Tank, where he invests in startups.
