Kevin O’Leary, widely known for his role as “Mr. Wonderful” on the American series Shark Tank, has announced plans to join billionaire Frank McCourt’s consortium in a high-stakes effort to acquire the popular video platform TikTok. The move comes as the Chinese-owned app faces mounting pressure, with a looming deadline of January 19 for its parent company, ByteDance, to divest TikTok’s U.S. operations or face a potential ban.

In the spring of 2024, President Joe Biden signed legislation mandating that ByteDance sell off TikTok’s U.S. business by January 19, 2025. Failure to comply would result in the removal of the app from U.S. app stores and a ban on accessing it via web browsers. TikTok has challenged the law, asserting that it infringes upon U.S. First Amendment rights and amounts to censorship. However, proponents of the ban argue that TikTok poses a national security threat due to its potential ties with Chinese authorities and concerns over user data sharing.

McCourt, the founder of Project Liberty and executive chairman of McCourt Global, revealed in December that he is assembling a group of investors for the “People’s Bid for TikTok.” The consortium’s goal is to take control of TikTok’s U.S. operations while ensuring that users’ data is protected and returned to them. McCourt claims that verbal commitments of up to $20 billion have already been pledged for the acquisition.

O’Leary, who is now part of the group, shared his views on the effort in an interview with Fox News on Monday. He emphasized that the bid is not only about purchasing TikTok’s U.S. assets but also about safeguarding the privacy of the app’s 170 million American users. “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes people over algorithms,” O’Leary said in a statement on X (formerly Twitter).

The bid may require collaboration with President-elect Donald Trump, who has taken steps to delay the ban and has expressed an interest in preserving TikTok. Trump is seeking a Supreme Court review of the ban, which is scheduled for consideration on Friday, just before he is inaugurated as president the following day.

As the January 19 deadline approaches, the pressure on ByteDance to divest TikTok’s U.S. operations is mounting. Neither Project Liberty nor O’Leary’s representatives responded to requests for comment on Tuesday.

The outcome of this high-profile bid could have significant implications for TikTok’s future in the U.S., as well as for the broader debate over privacy and national security in the digital age.

TikTok has made a final appeal to the US Supreme Court in an attempt to delay a law that could force its Chinese parent company, ByteDance, to either sell the platform or face a nationwide ban. The companies filed an emergency injunction request on Monday, seeking to prevent the law from taking effect on January 19. Without this delay, they warn that TikTok’s US operations may be shut down, affecting approximately 170 million American users.

The law, passed by Congress in April, cites national security concerns over TikTok’s Chinese ownership. US officials argue that the platform’s access to vast amounts of American user data, including location and private messages, along with its influence over content recommendations, could be exploited by foreign adversaries. The law requires ByteDance to divest TikTok or face severe operational restrictions in the US.

In response, TikTok and ByteDance have denied these allegations, insisting that no imminent threat exists. They argue that the law infringes on free speech, as it singles out TikTok and violates the First Amendment. Earlier this month, a Washington DC court rejected these claims, prompting the companies to file their appeal with the Supreme Court.

The companies also warn that even a temporary shutdown of TikTok in the US would have serious consequences, potentially causing a loss of one-third of its US user base. They say such an abrupt closure would significantly undermine TikTok’s value to advertisers, content creators, and employees.

President-elect Donald Trump, who once attempted to ban TikTok during his first term, has now reversed his stance. Trump, who is set to take office on January 20—just one day after the law’s deadline—has pledged to preserve the platform. His position could potentially lead to policy changes or new negotiations surrounding TikTok’s future in the US.

The law’s potential impact comes amid broader US-China trade tensions. TikTok and ByteDance argue that a ban could set a precedent for further crackdowns on other foreign-owned apps. A similar attempt by Trump to ban Tencent’s WeChat in 2020 was blocked by US courts.

In addition to TikTok’s appeal, a group of US users has filed their own emergency plea with the Supreme Court, emphasizing the platform’s importance as a speech forum and calling for strict legal scrutiny of any action that restricts access to it.

Michael Hughes, a TikTok spokesperson, stressed the importance of First Amendment protections, asserting that a hasty ban would harm Americans’ freedom of expression. The US Department of Justice, however, maintains that the law is crucial for safeguarding national security and protecting personal data from foreign influence.

As the January deadline approaches, TikTok and ByteDance are hoping for a Supreme Court decision by January 6 to allow time for a potential shutdown and coordination with service providers. The outcome now rests in the hands of the justices.