On Friday, a US court upheld a law that could see TikTok removed from American app stores unless its Chinese parent company, ByteDance, sells its stake by 19 January.
TikTok promptly announced plans to challenge the ruling, stating it would appeal to the Supreme Court on First Amendment grounds. In a statement, the company argued, "Unfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed, and hypothetical information, resulting in outright censorship of the American people."
With the deadline looming, reports suggest wealthy investors are already strategising to acquire and reshape the popular app, leading to widespread speculation about its future in the US market.
Billionaire Bidders Eye TikTok
TikTok warned, "The ban, unless stopped, will silence the voices of over 170 million Americans here in the US and around the world on 19 January 2025." As the platform's fate in the US hangs in the balance, prominent investors, including Shark Tank's Kevin O'Leary and former Dodgers owner Frank McCourt, have expressed interest in acquiring it.
These high-profile figures are positioning themselves to act if ByteDance agrees to sell or if the Supreme Court upholds the ban. Here's a look at what these potential buyers envision for TikTok's future:
Kevin O'Leary
In March, "Shark Tank" investor Kevin O'Leary revealed his plan to form a consortium of investors to acquire TikTok for between £16 billion and £24 billion ($20 billion to $30 billion). This figure is significantly lower than its £177 billion ($220 billion) valuation from its latest funding round.
O'Leary told CNBC, "It's the largest entertainment and business network in America as it stands today, so it's of great interest and great value." However, he acknowledged that the app's proprietary algorithms might not be part of the sale, meaning his group would need to "re-emulate" the technology.
O'Leary suggested that the platform could transition to a US-focused model while retaining the TikTok brand. He also implied that the new version could compete with similar short-form video services already available on other platforms.
Steven Mnuchin
Former US Treasury Secretary Steven Mnuchin also announced plans in March to lead an investor group aiming to acquire TikTok. In a May interview with Bloomberg Television, Mnuchin stated his intention to rebuild the app's core technology under US leadership, ensuring its disconnection from ByteDance.
"My plan, if we were to purchase, would be to rebuild the technology under US leadership, making it robust, secure, and independent of ByteDance," he explained.
Bobby Kotick
Former Activision CEO Bobby Kotick has also shown interest. According to a March report from the Wall Street Journal, Kotick explored a bid for TikTok, though the details remain undisclosed. Speculation suggests the offer could be in the hundreds of billions of dollars.
The Journal reported that Kotick approached OpenAI CEO Sam Altman and other investors during an Allen & Co. conference dinner, proposing a deal that would utilise TikTok's extensive user data to train OpenAI's artificial intelligence models. A spokesperson for Kotick stated, "Mr Kotick has always believed a comprehensive reciprocal trade framework is preferable to singling out an individual company, and he still does."
Frank McCourt
Former Dodgers owner and McCourt Global CEO Frank McCourt has also expressed serious interest. Through his philanthropic initiative, Project Liberty, McCourt aims to democratise and improve the internet. In March, he announced a bid to acquire TikTok.
During a December appearance on CBS News, McCourt revealed he had secured over £16 billion ($20 billion) in funding for the potential acquisition. He stated, "We're very serious about raising whatever capital is required to buy the platform. Our goal is to move the 170 million users to a new protocol where individuals own and control their identity and data."
McCourt's vision for TikTok involves fundamentally rebuilding the platform to prioritise privacy and safety. His statement declared, "The People's Bid is prepared to move forward. We are going to rebuild TikTok and prove that it's possible to enjoy the internet without sacrificing privacy."
Other Potential Buyers
Microsoft, Walmart, and Oracle have previously shown interest in acquiring TikTok. During the Trump administration in 2020, ByteDance faced similar pressure to sell its US operations due to concerns about its ties to the Chinese government. However, TikTok successfully challenged Trump's executive orders in court, stalling any acquisition plans.
Streaming platform Rumble entered the race earlier this year, offering to purchase TikTok if the nationwide ban is enacted. These moves reflect the intense interest in acquiring TikTok as it faces an uncertain future in the US.
The Road Ahead
The January deadline has intensified debates over TikTok's future in the US. While ByteDance has yet to agree to a sale, the possibility of a forced divestiture has prompted wealthy investors to prepare acquisition plans.
With its vast user base and cultural influence, TikTok remains a valuable asset, and its potential acquisition will likely reshape the platform and its role in the digital landscape. Whether TikTok survives under ByteDance or transitions to new ownership, the coming weeks will determine the future of one of the world's most popular apps.
