Yahoo Finance Kevin O'Leary Makes TikTok Purchase Offer After Exclaiming, 'Everyone Knows TikTok Leaks Data To The CCP' And Vows To Put Servers On American Soil
Kevin O’Leary, known for his role on “Shark Tank,” has sparked discussion with a recent offer to purchase social media giant TikTok if the U.S. government proceeds with a proposed ban.
O’Leary suggested on LinkedIn that he would transform TikTok into a “new American company,” guaranteeing to close any “Chinese back doors” in the code and ensure the servers are located on American soil. His proposal aims to address cybersecurity concerns while retaining the app’s availability in the U.S. The move comes amid legislative momentum toward potentially banning TikTok because of its ties with its China-based parent company ByteDance and concerns over data privacy and national security.
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While many seem to think TikTok's ties to the Chinese Communist Party (CCP) are overblown, O'Leary was quick to put this to rest.
"Everyone knows TikTok leaks data to the CCP. It's not a secret," O'Leary said on LinkedIn.
Despite O’Leary’s ambitious plans, there’s been a mix of skepticism and intrigue from the public and media.
Critics question the feasibility of such a purchase and O’Leary’s financial capacity to execute it, given the app’s multibillion-dollar valuation. Discussions around the potential ban and sale of TikTok are intertwined with broader issues regarding U.S.-China relations, data privacy, and the impact of social media on national security.
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TikTok's ban centers around two primary concerns: privacy and the algorithm influencing Americans. The largely bi-partisan ban comes after years of controversy around the platform. Former presidential hopeful Vivek Ramaswamy once called the platform "digital fentanyl." A similar ban on TikTok was implemented in 2020 by the Trump administration, which lifted the ban shortly after. The current move to ban TikTok has largely been built upon that initial regulatory framework.
The U.S. government is exploring a legislative route that would allow TikTok to operate in the U.S. if its ownership transitions away from ByteDance, thereby addressing national security concerns. However, experts point out the complexities and challenges of finding a buyer and executing such a divestiture within the legal and regulatory framework. A bill exploring this passed in the House with a vote of 352 to 65.
The situation remains fluid, with various stakeholders, including lawmakers, tech entrepreneurs and TikTok users, weighing in on the app’s future in the U.S. The potential acquisition of TikTok by an American entity like O’Leary proposes would mark a significant shift in the digital and geopolitical landscape, emphasizing the intertwined nature of technology, privacy and international relations in the digital age.
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