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O’Leary Ventures chairman and “Shark Tank” star Kevin O’Leary wants to make an offer on TikTok.
“This is the largest entertainment and business network in the United States at this time, so it’s very interesting and has great value,” O’Leary said.
However, it’s technically not on sale yet.
Earlier this month, a bipartisan bill called the Protecting Americans from Foreign Adversary Control Applications Act passed 352-65 in the House of Representatives, requiring TikTok to separate from Chinese-run ByteDance within six months. is required, or its use in the United States would be prohibited.
The bill is currently before the Senate, but its fate remains uncertain.
O’Leary hinted that he is interested in purchasing the platform with other parties, but did not provide details. “If this order goes through, we have to sell. I’m going to put my hand up and say buy,” he told Fox & Friends earlier this month.
Appeared in CNBCO’Leary said on Street Signs Asia last week that TikTok, owned by China-based ByteDance, is now worth between $20 billion and $30 billion, a 90% valuation since then. He said he was there. Its valuation in 2023 is approximately $230 billion.
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O’Leary suspects the deal won’t include user data that helps drive the TikTok algorithm, so if the app is sold to a U.S.-based owner, it will likely cost much more than its previous valuation. He pointed out that the value could go down.
“Algorithms are extremely valuable as they provide videos, preferences and purchase behavior over the past few years,” he explained. “What you’re really getting is TikTok, a valuable domestic brand, and 170 million users with no data.”
For the app to have the same success under new ownership, O’Leary said the algorithms will need to be reprogrammed and formulated.
Last spring, TikTok CEO Shou Zi Chew testified before Congress and discussed concerns about privacy and data storage issues on the app. He testified again earlier this year alongside other major technology leaders, including Meta’s Mark Zuckerberg and X’s Linda Yaccarino.
RELATED: TikTok CEO named honorary chairman at 2024 Met Gala
As of Monday morning, Mr. O’Leary’s net worth was estimated at $400 million.
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