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Kevin O’Leary has put himself on a very short list of people who have said they want to buy TikTok, and is working on a group effort.
“Shark Tank” investors said Tuesday. Crowdfunding website The site allows anyone to “reserve” a spot to become an investor in the U.S. version of TikTok. Payments are not being accepted yet; reservations are merely a way to show interest.
Once the crowdfunding campaign is launched, it will be subject to U.S. rules that limit investors to those with an annual income of more than $200,000 or who meet certain financial qualifications.
“We want to democratize TikTok and transform it into a platform where user data is protected from the prying eyes of foreign adversaries,” O’Leary said. video he posted on Instagram.
This announcement was made Decision of U.S. lawmakers Last month, China-owned TikTok was banned from U.S. app stores unless it was sold within a year. TikTok’s parent company, ByteDance, Sued the Federal Government TikTok has already responded to the ban earlier this month No plans to sell platform.
Canadian investor O’Leary first came forward to buy TikTok in March, saying “TikTok won’t be banned because I’m buying it.” He said he didn’t think Google or Meta could buy it because of antitrust concerns. That same month, he announced he would launch a bid of $20 billion to $30 billion. Valuation dropped by 90% Based on the company’s most recent funding round.
However, the new website doesn’t reveal any details about how much funding he plans to raise or whether his project is already in negotiations with TikTok.
A representative for O’Leary did not immediately respond to Business Insider’s request for comment.
O’Leary joins a growing list of investors who have said they are interested in buying the viral short-form video platform. His potential bidder rivals include former Los Angeles Dodgers owner Frank McCourt, former Treasury Secretary Steven Mnuchin and former Treasury Secretary Bobby Kotick. CEO of the gaming giant Activision.
There is little consensus on TikTok’s stock price. One assessment is that the U.S. business is trading at $100 billionBut another person says ByteDance’s revenue will not be affectedThe platform could become less appealing if sold without that functionality. “Recommended Pages” Algorithm,this is He was given credit for its success.
In March, O’Leary The Chinese government The company plans to sell TikTok with its algorithm, requiring potential buyers to “re-emulate” the platform.
Before joining “Shark Tank” when the show debuted in 2009, O’Leary acquired and integrated software companies in the late 1980s and 1990s.