The US House of Representatives recently passed a bill that could result in a nationwide ban for the famous social media app TikTok.
However, financial guru Kevin O’Leary has proposed another plan instead: He wants to buy TikTok so Americans can continue using the app. All he needs now is support from the House.
Understanding TikTok
Before diving into Kevin O’Leary’s big announcement, it’s first crucial to understand why the United States government is strongly considering banning TikTok for its citizens.
As a social media platform, TikTok focuses on sharing an essentially unlimited number of video clips with users from all over the world via an internal algorithm. Like other social media sites, the app tracks what people watch and when and subsequently sends them more videos that it believes they will enjoy.
The TikTok Debate
Now, many people are worried that because TikTok is owned by a Chinese tech company, the fear is that China’s Communist government could use the platform to track American behavior and undermine democracy.
Therefore, several members of the US government believe that the app should be considered a matter of national security and should be removed from all American smart devices.
Does the Government in China Have American Personal Information?
ByteDance, the tech company that owns TikTok, has claimed that it has never shared any user data from the app with the government in China, and it will never do so, even if asked to.
The Chinese foreign ministry is arguing that as they have never (and will never) use the data from TikTok to spy on or manipulate the American people, the idea of banning the app in the States is an “act of bullying” and “puts the US on the opposite side of the principle of fair competition and international economic and trade rules.”
How Do the Presidential Candidates Feel About the TikTok Ban?
As always, the two presidential candidates for the 2024 election have widely different opinions regarding the banning of TikTok.
President Joe Biden has offered his full support for the bill that will make TikTok unavailable in the United States. Interestingly, former President Donald Trump previously supported the bill but has seemingly changed his tune and is now against it. He has been quite vocal about ensuring Americans can continue to use the app.
Kevin O’Leary’s Big Announcement
Made famous on the popular TV show “Shark Tank,” Kevin O’Leary is now one of the country’s leading financial experts. He creates online content and is constantly being interviewed in the news with helpful tips for Americans to make smart financial decisions.
Just last week, during an interview with FOX Business, the businessman explained that while TikTok may pose a threat to national security, that doesn’t mean it will “go away.” He explained that TikTok will be purchased by an American to ensure it remains safe to use, and O’Leary is considering purchasing the platform himself.
Kevin O’Leary Says He Will Buy TikTok
O’Leary told FOX, “What I’m proposing is purchasing these assets into a new American company… and I am very interested in it.”
He continued, “I’ll make sure all the servers are in the US. I’ll make sure we own the algorithms. I’ll tear out the Chinese back doors and the algorithms and the codes…. That’s the way it’s gonna get done.”
The Legality of Purchasing TikTok
As Kevin O’Leary went on to explain, the purchasing of TikTok is slightly more complicated than a standard business deal. In order for his plan to function successfully, O’Leary believes that he would have to work side by side with the House of Representatives throughout the deal and transition period.
The financial expert also explained his plan for a subcommittee of two Republican and two Democratic members to ensure his purchase was approved by the government before making the actual transaction.
Why Would ByteDance Sell Such a Successful Business?
It may seem unlikely that the Chinese tech company would even be interested in selling as their platform is so wildly successful. However, because 150 million of their users are US citizens, if it boils down to either selling or being banned, they will likely choose the sale.
That being said, ByteDance would almost certainly want to keep at least a fraction of the business to continue making money off it. Therefore, one big question the committee would have to answer is how much of the app ByteDance would be able to keep.
Kevin O’Leary Has a Plan in Mind
O’Leary explained that he “would ask permission to leave 20, 30% with the Chinese people, because they’ll have a non-control, passive position. They will not control the board. They will have no say in how we operate the company.”
With this plan of action, O’Leary believes that he could “resolve this issue around free speech” while keeping the American government and its people free from Chinese influence and intervention.
An American-Chinese-Owned Company Is Not Unique
Kevin O’Leary also explained to viewers that while his plan may seem out of the box, it is not a new idea. In fact, he said, “[there are] many co-operative businesses in China….the Chinese government has lots of joint ventures with American companies that manufacture over there.
The financial expert continued, “ I think I have a lot of respect on both sides because I support small business,” and concluded, “I have no agenda here other than to make this platform safe for Americans to use.”
Will TikTok Be Banned in the USA?
Whether or not Kevin O’Leary receives the approval he’s looking for from the House of Representatives to purchase the app and make it safe for American use is yet to be seen.
However, it does seem as though his plan, at least in theory, would address the government’s concerns and solve the problem at hand while still allowing the 150 million Americans who enjoy using the app to continue doing so.
