Kevin O'Leary says he is near to a deal to buy TikTok to prevent it from being banned in the US

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“Shark Tank” star Kevin O’Leary announced Monday that he is close to finalizing a deal to purchase TikTok’s U.S. operations, a move aimed at preventing the app’s impending ban in the United States. TikTok faces a ban on January 19 unless its parent company, Beijing-based ByteDance, secures a buyer for its American business.During an appearance on Fox News’ “The Story with Martha MacCallum,” O’Leary emphasized the importance of collaborating with President-elect Donald Trump to ensure the deal's success.“Trump will be integral in helping us finalize this transaction in the coming months,” O’Leary stated. “I wanted him and his cabinet to be aware of our plans and to understand that we’ll need their cooperation.”Earlier on Monday, O’Leary posted on X that he is partnering with former Los Angeles Dodgers owner Frank McCourt to pursue the TikTok acquisition.Acquiring TikTok’s U.S. operations comes with a hefty price tag. Wedbush Managing Director Dan Ives previously estimated that the deal could cost $300 billion, a record-breaking valuation for a tech acquisition. TikTok, which boasts 170 million monthly U.S. users, has drawn intense scrutiny over national security concerns.The idea of banning TikTok originated during Trump’s first administration and was later codified into law by Congress and signed by President Joe Biden in April. Lawmakers are primarily concerned that TikTok could act as a tool for the Chinese government to access U.S. user data, as Chinese laws mandate data sharing upon request.Despite these concerns, a Pew Research Center survey from September found that only 32% of Americans support a TikTok ban. Public opinion reflects a lack of widespread worry about China’s potential access to personal data.Trump, who initially supported a TikTok ban, has since softened his stance. Last year, he expressed interest in saving the app, acknowledging its role in engaging younger voters. In December, Trump reiterated his desire to preserve TikTok, noting he has a “warm spot” for the platform and the impact it has had on civic engagement among young Americans.