‘Shark Tank’s’ Kevin O’Leary and billionaire Frank McCourt want to buy TikTok. One problem: It’s not for sale
CNN
A group formed by billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has made a formal offer to buy TikTok from its China-based parent company, ByteDance.
A group formed by billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has made a formal offer to buy TikTok from its China-based parent company, ByteDance. The group, which calls itself The People’s Bid for TikTok and is also backed by “Shark Tank”-famous investor Kevin O’Leary, said Thursday it had delivered a proposal to ByteDance to acquire TikTok’s US assets. It did not disclose the value of the offer. The bid comes just one day before the Supreme Court is set to hear oral arguments over whether to uphold a law that would ban TikTok in the United States starting January 19 if it is not sold, following a legal challenge from the social media company. But the proposal could face a major problem: ByteDance has repeatedly said TikTok’s not for sale. After President Joe Biden signed the law that could ban the app in April, ByteDance swatted down speculation that it was exploring a sale and said that it had no plans to sell TikTok. In a filing to the Supreme Court — which argues that the law would violate the first amendment rights of the platform and its users — the company said the law “will take effect on January 19, 2025, shutting down TikTok for its more than 170 million monthly American users.” TikTok and ByteDance did not immediately respond to requests for comment about the McCourt group’s bid. TikTok is the first Chinese social media app to become a global success that competes with American tech giants.
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