'Make TikTok great again': Kevin O'Leary explains his plan to save the social media platform

“Mr. Wonderful” Kevin O'Leary is partnering with another investor to save TikTok and hopes China and the Supreme Court will allow them to make it “great again.”

The “Shark Tank” star is teaming up with Project Liberty founder Frank McCourt to purchase the platform's US assets from its parent company, ByteDance, and “rebuild the platform in such a way that gives priority Confidentiality Its 170 million American users.”

Supreme Court doubts over US ban on TikTok: What to know

TikTok is facing a potential ban as it protects Americans from foreign counterparty-controlled applications laws Law signed by President Biden It passed Congress last April with bipartisan approval. By midnight on January 19, the app may be removed from US-based app stores unless it is expelled from its parent company.

“I want to work with him [McCourt] Because he did a lot of work on the algorithm, and he let me be part of this deal so we could buy TikTok without buying Chinese spyware,” O'Leary told “The Big Money Show” on Tuesday.

There is TikTok Faced with controversy It is a China-based company and is alleged to be used as spyware software for the Chinese Communist Party. Legislators on both sides of the aisle warned about Potential national security threats are allegedly raised by TikTok via US phones.

“The reason TikTok was canceled in the US is because of the algorithm that allows you to spy,” O'Leary said, explaining how he and McCourt will restructure the platform so that users can decide whether to share their data with TikTok. Under their ownership, O'Leary argued, users who chose to share their data would be paid.

“If they share it, and they want to monetize it, they get a piece of advertising. I think that's great,” he said. “We're going to make this thing work the way the market wants it to work, and then we'll take it around the world.”

If their bid to acquire the social media platform is successful, O'Leary explained how they would change the platform to better align with US interests.

In addition to giving users ownership of their data and cracking down on “Chinese spyware,” the investor emphasized that TikTok has the potential to grow to “the last 200 million” by restoring user trust from its current 170 million users.

“We have to bring back everybody who doesn't believe in it, it won't put them on their phones. And the way to do that is to democratize it, to allow people to invest in our side,” O'Leary said Friday. “Varney & Co,” on Fox Business.

“The third thing that I think will be interesting to everyone, including Trump, is we're going to open it up so that it's inter-operative. So if you're posting on Truth Social or X, click here to populate TikTok. Everyone wants to do that and we want others to do that. Will ask, like Instagram and Meta, let's share two ways.

The investor also said how he will see countries like India, Switzerland, France, Canada and Germany move to the platform once these changes are rolled out.

“This thing is going to be the biggest television network in the world in two years,” O'Leary said of TikTok's growth potential.

Supreme Court bans TikTok on Friday; National security, free speech arguments are considered

O'Leary and McCourt's bids will be affected by a much-anticipated Supreme Court ruling on the law banning the platform unless it is dismantled, and then ByteDance's willingness to do so if their hand is forced before the deadline. The high court heard oral arguments Friday in a fast-track case ahead of President-elect Donald Trump's return to the White House. A final decision is expected before the inauguration.

O'Leary explained how a Supreme Court decision to uphold the ban would be “good news” for their bid.

“It means that the company goes to a binary decision at midnight on the 19th as to whether it's going to shut down or engage with a buyer,” he told “America's Report” Friday on Fox News. “Now, you may be aware that we made an offer – I think we were the only syndicate that made a viable offer last night – to ByteDance, and they may want to start considering that because there's a $30 to $40 billion valuation there. American shareholders Values ​​are tied there [Chinese President  Xi Jinping] Willingly, we can stop it like they did in India and that capital is wiped out. And of course, that doesn't bode well for future capital growth.”

Maga Republicans defend TikTok as 'conservative platform' as fate hangs in the balance with Supreme Court

O'Leary argued that his and McCourt's ambitious plans for TikTok depended heavily on Xi Jinping.

“I think the only person who is important in this deal is the supreme leader, who has to make decisions. All Chinese companies are controlled by him,” he said.

O'Leary went on to explain how China wants to be considered a “destination” for capital, explaining that every country needs it to grow their economy, even those that are at odds with the United States, such as China.

“They're competing for the status of the largest economy. So if you want to be the big boy and you want to play in international markets, you don't wipe out shareholders' money. It's not just US shareholders. Every sovereign wealth fund around the world, many of them have huge investments in ByteDance. ,” he said.

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“But it's not going to be my decision or Frank McCourt's decision. The two of us put our syndicate out there. We made the offer. Every American shareholder has our offer. They know it. And it's really ready for it. ByteDance will make the decision.”

O'Leary emphasized that he thinks ByteDance should seriously consider their offer Free Speech Argument The court “fell on deaf ears.”

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“We're going to make it very independent. We're going to make it better and we're going to make sure we comply with the court order. That's the right way,” he said.