Canadian entrepreneur and investor Kevin O’Leary has proposed a $20 billion cash offer to acquire TikTok from its owners.
This comes in the wake of a bipartisan bill signed by President Biden, which labeled TikTok a national security risk, compelling its Chinese parent company, ByteDance, to either divest or sell the platform to keep it available in U.S. app stores.
With a looming deadline for ByteDance set for Sunday, the Supreme Court recently upheld the law against TikTok's challenge.
During an appearance on Fox News , O’Leary highlighted the potential fines for any service provider that continues to support TikTok post-deadline, warning that they could face penalties of $5,000 per day for each of the 170 million users, amounting to over a billion dollars daily.
He expressed uncertainty about whether an executive order could supersede congressional law, referencing a historical case from 1937. O’Leary reiterated his substantial cash offer for the platform, emphasizing his readiness to proceed if the bid is deemed sufficient.